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Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships (HMBI)

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Live Webinar SELECT STARTING AT $219 (2 dates)

Credits: 8

Qualifies For: IRS CPE CTEC

Instructor(s): Dennis Benvie, MS, CPA

$219

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Self-Study SELECT STARTING AT $125 (On Demand)

Downloadable PDF

Credits: 8

Qualifies For: IRS CPE

$125

Textbook

Credits: 8

Qualifies For: IRS CPE

$140

On-Demand Webcast

Credits: 8

Qualifies For: IRS CPE

$155
  • Great class - very informative!

    - Surgent customer

  • Dennis is a GREAT teacher!

    - Surgent customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships (HMBI)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    8
  • Qualifies for

    IRS CPE

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.

Major Topics:

  • Tax reform update
  • Discuss a Proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • Executor’s new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
  • How §179 limitations affect basis and how tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • How to calculate basis of inherited qualified and joint tenancy property
  • S Corporations: – Beware of final IRS Regulations regarding “Open Debt”; – Determine how to calculate basis; worksheets are included; – 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; – Learn to apply the complex basis ordering rules and special elections that can have a big tax result; – Discuss loss limitation rules in depth; – When you can have a taxable dividend in an S corporation; – Understand distributions of cash and property; – Understand the post-termination transition rules, which will be important if (when) tax changes bring the return of C corps
  • LLCs and Partnerships: – Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; – Learn to calculate basis under §704 & for “at-risk” under §465; – Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; – Learn the difference between basis and “at-risk basis”; – Review §754 step-up in basis rules; – The economic effect equivalence test or “dumb-but-lucky” rule; – Learn to apply the complex rules of distribution of cash vs. property

Learning Objectives

  • Determine initial basis and organizing tax-free under §351 and §721
  • Understand what affects basis and how to treat distributions
  • Pass the four loss limitation hurdles to deduct pass-through losses

Designed for:

CPAs 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.

Prerequisite:

Experience in business taxation

Advanced Preparation:

None

  • Great class - very informative!

    - Surgent customer

  • Dennis is a GREAT teacher!

    - Surgent customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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