Surgent's Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships
Overview
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
Timely coverage of breaking tax legislation. Applicable coverage of any basis considerations within any recent tax legislation. Passthrough basis calculations required as attachments to certain individual returns. How Schedule 179 limitations affect basis and how tax-benefit rule is applied. How to calculate basis of inherited qualified and joint tenancy property. Tax basis capital account reporting requirements. Determine how to calculate basis. Understand the effect of stock basis and debt basis and IRS’s recent focus on “at-risk basis” for shareholders. Recognize how AAA applies or doesn’t apply to S corporations. Discuss loss limitation rules in depth. Understand distributions of cash and property. Learn the detailed rules of Schedule 704 for preventing the shifting of tax consequences among partners or members. Learn to calculate basis under Schedule 704 and for “at-risk” under Schedule 465. Review Schedule 754 step-up in basis rules. Learn to apply the complex rules of distribution of cash vs. property, and the basis treatment of charitable contributions and foreign taxes paid.
Prerequisites
Experience in business taxation.
Designed For
Accounting and financial professionals 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.
Objectives
Determine initial basis under Schedule 351 and Schedule 721. Understand what affects basis and how to treat distributions. Pass the four loss limitation hurdles to deduct pass-through losses.
Preparation
None.
Notice
None.
Leader(s):
Leader Bios
Pamela Davis-Vaughn, Surgent McCoy CPE LLC
Pamela J. Davis-Vaughn is a general practitioner providing accounting, tax, and consulting services to clients across the United States from her office in Painted Post, New York. She has designed and taught undergraduate and graduate courses in state and local tax at Texas universities, including Baylor and Texas Tech, and has been a highly rated speaker at the Controller’s Roundtable, a sponsored event for controllers of automobile dealerships in Texas. Pam holds a BS degree in Business and Accounting from the University of Kansas, an MBA from Wichita State University, and has completed post-graduate work in International Tax at New York University. She holds a license to practice in Kansas, Texas, and New York.
Non-Member Price $330.00
Member Price $280.00