Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships

Course Details

Date

Thursday, October 19, 2017

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

HMBI

CPE Credit

8.0 hours CPE credit

Instructor

Level of Knowledge

Intermediate

Vendor

Surgent McCoy CPE, LLC

Prerequisites

Experience in business taxation

Description

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

Highlights

  • Applicable coverage of recent tax acts and any new legislation
  • Executors 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 tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • How to calculate basis of inherited qualified and joint tenancy property
  • S Corporations: Beware of recent final IRS Regulations regarding Open Debt; Determine how to calculate basis; worksheets are included; Understand the effect of stock basis and debt basis and IRSs recent focus on "at-risk basis" for shareholders; Recognize how AAA applies or doesnt apply to S corporations; Learn to apply the complex basis ordering rules and special elections that can have a big tax result; Discuss loss limitation rules in depth; When you can have a taxable dividend in an S corporation; Understand distributions of cash and property; Understand the post-termination transition rules, which will be important if (when) tax changes bring the return of C corps
  • LLCs and Partnerships: Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; Learn to calculate basis under 704 & for at-risk under 465; Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; Learn the difference between basis and at-risk basis; Review 754 step-up in basis rules; The economic effect equivalence test or dumb-but-lucky rule; Learn to apply the complex rules of distribution of cash vs. property
  • Objectives

  • Determine initial basis and organizing tax-free under 351 and 721
  • Understand what affects basis and how to treat distributions
  • Pass the four loss limitation hurdles to deduct pass-through losses
  • Designed For

    CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpractice.

    Registration for this course has passed.

    Course Pricing

    Early Registration Member Fee

    Applicable if you are a HSCPA member in good standing and register by October 4, 2017.

    $270.00
    Member Fee

    Applicable if you are a HSCPA member in good standing.

    $320.00
    Early Registration Non-Member Fee

    Applicable if you are not a HSCPA and register by October 4, 2017.

    $370.00
    Non-Member Fee

    Applicable if you are not a HSCPA member.

    $420.00
    Neighbor Island Discount

    Applicable for Neighbor Island members in good standing

    -$75.00
    Associate Neighbor Island Discount

    Applicable for Associate Neighbor Island members in good standing

    -$25.00
    Your Price $420.00

    CPE Choice

    Learn more about CPE Choice.
    CPE Choice Fee $240.00

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