Basis Calculations & Distributions for Pass-Through Entity Owners

Course Details

Date

Tuesday, December 17, 2019

6:30am – 2:00pm
(Registration: 6:00am)

Field of Study

Taxation

Course Number

4193575G

CPE Credit

8.0 hours CPE credit

Level of Knowledge

Intermediate

Vendor

CalCPA Education Foundation

Prerequisites

Basic understanding of individual income taxation.

Description

Get up to speed quickly with this comprehensive case-driven training course which focuses on basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corps, partnerships and LLCs). Take a line-by-line analysis of the Schedule K-1 and how it affects the basis calculations. Hands-on methodology, real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the learning experience. 

Highlights

  • Emphasize any new legislation affecting owners of pass-through entities.
  • The four loss and deduction limitations on the owner’s individual income tax return (i.e., basis, at-risk, passive and excess business loss 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 corp shareholder under the final regulations.
  • Tax ramifications of repaying loans to S corp shareholders and on open account debt.
  • How recourse and non-recourse debt affect a partner or member’s basis calculations and amount at-risk.

Objectives

  • Identify the three main reasons for calculating a shareholder’s basis in a S corp and partner/member’s basis in a partnership/LLC.
  • Calculate the stock and debt basis for S corp 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.

Designed For

Tax professionals.

Course Pricing

Member Fee

Applicable if you are a HSCPA member in good standing.

$245.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$375.00
Your Price $375.00

CPE Choice

Learn more about CPE Choice.
This course does not qualify for CPE Choice.

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