August 24, 2018


In-Person

City of Pelham Pelham Civic Complex


8 Total CPE Credits

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Pat Garverick's Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis

  • Instructor

    J. Garverick

Learning Objectives

Once participants have completed this session they should be able to: List the 3 main reasons for calculating a shareholder's basis in a S corporation and partner/member's basis in a partnership/LLC Calculate the stock and debt basis for S corporation shareholders Calculate the basis for partners and members of a LLC Calculate losses allowed from at-risk activities Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner's Form 1040

Major Topics

This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real world examples, and case studies. Topics include but are not limited to: Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder's stock and debt basis and a partner/member's outside basis and where the items get reported on Federal individual income tax return The three loss and deduction limitations on the owner's individual income tax return (i.e. basis, at-risk and other Form 1040 limitations) How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners Compare the tax treatment of the sale of a shareholder's stock in a S corporation and a partner's interest in a partnership What constitutes debt basis for a S corporation shareholder under the final regulations The tax ramifications of repaying loans to S corporation shareholders and on open account debt How recourse and non-recourse debt effect a partner or member's basis calculations and amount at-risk

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax

Prerequisites

Basic understanding of individual income taxation

Advanced Preparation

None

Intended Audience

Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners

Provider

Phoenix Beach

This event has ended.