Partnership Basis and S Corporation Basis - Form 7203 FLEXCAST

Overview

As a tax professional, it’s imperative to know basis rules and calculations for our clients that are shareholders or partners in pass-through entities. Furthermore, we must analyze how basis rules affect their individual Form 1040 tax return. This course will provide a valuable and essential overview for Partnership and S Corporation basis issues.

Highlights

Form 7203. Basis for pass-through entities.

Prerequisites

None.

Designed For

CPAs and tax professionals.

Objectives

Determine when and why we need basis for our clients’ pass-through entities.. Analyze Form 7203.. Examine the significance of basis. Explain who is responsible for keeping basis. Differentiate inside and outside basis. Review basis calculation for partners and shareholders.. Assess the election pursuant to Regulation 1.1367-1(g).

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.