Partnership & S Corporations: How to Calculate Basis WEBCAST
Overview
The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. This course will cover how to use Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the process works and their many potential pitfalls.
Highlights
Calculation of basis when the entity is formed, including the impact of contributed property. How to calculate partnership tax basis capital accounts. Clarifies the how partnerships and S corporations debt impacts tax basis. Discusses how distributions affect basis. Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest. Discusses how S corporation losses impact Form 1040 Schedule E reporting. Comprehensive examples to illustrate the mechanics of the basis determination process.
Prerequisites
Basic working knowledge of partnership and S corporation taxation.
Designed For
CPAs working in public accounting firms and/or working for partnerships or S corporation.
Objectives
Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation. Identify the tax issues related to S corporation owner’s basis for shares and loans from formation through operations and concluding with sale and/or liquidation. Understand potential pitfalls and planning strategies.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Steven Dilley, Federal Tax Workshops Inc
Steve Dilley is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 35 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting. He was nominated in 2004 for the “Educator of the Year Award” and received the 2005 “Distinguished Achievement in Accounting Education Award” in Michigan. He also received the 2007 MSU Accounting and Information Systems Department Outstanding Teacher Award. He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Non-Member Price $159.00
Member Price $129.00