August 28, 2017


In-Person

Troy University Dothan
500 University Dr, Dothan, Houston County, Alabama 36303-1695


4 Total CPE Credits

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MASTERING BASIS ISSUES FOR S CORPORATIONS, PARTNERSHIPS, AND LLCS

  • Instructor

    John Evanich

Learning Objectives

  • Determine initial basis and organizing tax-free under 351 and 721
  • Understand what affects basis and how to treat distributions

Major Topics

  • Applicable coverage of recent tax acts and any new legislation enacted before the presentation
  • Executor's new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
  • How 179 limitations affect basis and how the "tax-benefit" rule is applied
  • S Corporations: - Beware of recent final IRS Regulations regarding "open debt" of S corporations; Understand the effect of stock basis and debt basis and IRS's recent focus on "at-risk basis" for shareholders; Recognize how AAA applies or does not apply to certain S corporations; Learn to apply the complex ordering rules and special elections that can have a big tax result; Become aware of when you can have a taxable dividend in an S corporation; Understand distributions of cash and property and post-termination transition rules
  • LLCs and Partnerships: - Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; Determine how to calculate basis under both 704 and for "at-risk" under 465; Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; Review 754 step-up in basis rules

CPE Credits Available

4
Total CPE
4
Taxes

Troy University Dothan

500 University Dr, Dothan, Houston County, Alabama 36303-1695

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Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax

Prerequisites

Experience in business taxation

Advanced Preparation

None

Intended Audience

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues

Provider

Surgent McCoy CPE

This event has ended.