Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis

Course Details

Date

Thursday, January 16, 2020

8:30am – 4:30pm
(Registration: 8:00am)

Location

Prince Waikiki

100 Holomoana Street

Honolulu, HI 96815

808-956-1111

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Course Number

BCAD

CPE Credit

8.0 hours CPE credit

Level of Knowledge

Intermediate

Prerequisites

Basic understanding of individual income taxation

Description

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the lineby-line analysis of the Schedule K-1s and how it affects the basis calculations.  

Highlights

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:

  • Detailed coverage of any new legislation (i.e., Tax Cuts & Jobs Act) affecting basis computations and distributions and changes to the schedule K-1s
  • Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholders stock and debt basis and a partner/members outside basis and where the items get reported on Federal individual income tax return
  • The three loss and deduction limitations on the owners 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 shareholders stock in a S corporation and a partners 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 members basis calculations and amount at-risk

Objectives

Once participants have completed this session they should be able to:

  • List the 3 main reasons for calculating a shareholders basis in a S corporation and partner/members 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 owners Form 1040

Designed For

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

Course Pricing

Early Registration Member Fee

Applicable if you are a HSCPA member in good standing and register by January 2, 2020.

$280.00
Member Fee

Applicable if you are a HSCPA member in good standing.

$330.00
Early Registration Non-Member Fee

Applicable if you are not a HSCPA and register by January 2, 2020.

$430.00
Non-Member Fee

Applicable if you are not a HSCPA member.

$480.00
Neighbor Island Discount

Applicable for Neighbor Island members in good standing

-$100.00
Associate Neighbor Island Discount

Applicable for Associate Neighbor Island members in good standing

-$50.00
Your Price $430.00

CPE Choice

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

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