A detailed analysis of the calculations related to determining an S shareholder’s tax basis for S corporation shares using the Form 1120S, Schedule K-1 information. An illustrative example demonstrates how the process works, as well as the many potential pitfalls.
Discusses the calculation of basis when the entity is formed including the impact of contributed property. Explains the importance of shareholder loans to the entity. Uses a comprehensive example to illustrate the mechanics of the basis determination process. Discusses how basis is impacted by distributions of corporation property. Explains how basis is impacted by sale/or liquidation of the S corporation interest. Shows how to get from the Schedule K-1 information to the basis calculations.
To provide a thorough review and update of the tax issues related to S corporation owner’s basis from formation through operations and concluding with sale and/or liquidation.
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 $99.00
Member Price $79.00