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Understanding How to Calculate Basis for LLCs, Partnerships and S Corporations (GBSS)

Customer Rating
Field of Study
Taxes
Level
Intermediate
Credits
4
Qualifies For
CPE



Price:  $39.99
This 4-credit course is focused on how to calculate basis for LLCs, Partnerships, and S Corporations.

Additional information

Credits

4

Format

Self-Study Download

Company Code

Self Study

Yellow Book Approved

0

CFP Approved

0

IRS Approved

0

CTEC Approved

0

Field of Study Credits

Taxes (Technical) (4)

Field of Study Department

Taxes (Technical)

Course Version

2019-01

CPE Approved

1

Pre-requistes:

Experience in business taxation

Knowledge Level:

Intermediate

Major Topics:

  • How §179 limitations affect basis and how the “tax-benefit” rule is applied
  • Applicable coverage of any basis considerations within the Tax Cuts and Jobs Act, or other recent tax legislation enacted before the presentation
  • Discuss new pass-through basis calculations required as attachments to certain individual returns
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid
  • S corporations: Beware of final IRS regulations regarding “open debt” of S corporations; 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 does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary new TCJA post-termination rules for eligible corporations

Learning Objectives:

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

Designed For:

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues
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