Webinar: Partnership & S Corporations: How to Calculate Basis
WB1057 | Course | Intermediate | Scheduled
Description
The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the process works and their many potential pitfalls.
*Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Taxes |
Designed For
CPAs working in public accounting firms and/or working for partnerships or S corporation
Prerequisites
Basic working knowledge of partnership and S corporation taxation
Highlights
- Calculation of basis when the entity is formed, including the impact of contributed property
- How to calculate partnership tax basis capital accounts;
- Clarifies the how partnerships and S corporations debt impacts tax basis
- Discusses how distributions affect basis
- Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
- Discusses how S corporation losses impact Form 1040 Schedule E reporting
- Comprehensive examples to illustrate the mechanics of the basis determination process
Objectives
- Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
- Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
- Understand potential pitfalls and planning strategies
Preparation
None
Notes
This webcast is provided by ACPEN. After registering for the course, you will receive an email from ACPEN with instructions for logging in to the webcast and obtaining your eMaterials.
Prices
- Member (Early Bird)
- $129.00
- Non-Member (Early Bird)
- $159.00
- Member
- $129.00
- Non-Member
- $159.00