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. The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations.
Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the NEW Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitations). Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner’s outside basis and where the items get reported on Federal individual income tax return. The three loss and deduction limitations on the owner’s 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 shareholder’s stock in a S corporation and a partner’s 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 member’s basis calculations and amount at-risk.
Basic understanding of individual income taxation.
Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs, and their owners.
List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner basis in a partnership or LLC. Calculate the stock and debt basis for S corporation shareholders. Calculate the basis for partners and members of an 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 owner’s Form 104.
J Patrick Garverick, The Tax U
5 stars out of 5 - speaker rating for 2019 “[Pat Garverick] is very knowledgeable and an expert in his field of teaching. I would highly recommend him to colleagues.“ - past attendeePat began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Pat began his own tax and financial planning business as well as writing, reviewing and teaching tax and financial planning CPE training courses around the country. As an award winning discussion leader, Pat’s knowledge, expertise and high energy has made him one of the profession’s highest rated speakers resulting in numerous perfect scores for both knowledge and presentation skills.
Non-Member Price $400.00
Member Price $300.00