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

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



Price:  $ 39.99

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

Additional information

year

2022

version

01

Credits

4

Company Code

Self Study

Format

On Demand

Yellow Book Approved

0

CFP Approved

0

IRS Approved

1

CTEC Approved

0

Field of Study Credits

Taxes (4)

Field of Study Department

Taxes

Course Version

2022-01

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 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

Customer Reviews

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P
Pamela N. (Wilmington, US)
Useful course

This course was very helpful and I have already found myself using what I learned to prepare, sort, and filter tables in Excel.

J
Jennifer S. (Foster, US)

Excel: Audit & Analytical Uses for Filters & Tables (AUMC)

L
Lauren V.D. (Montgomery Village, US)

Excel: Audit & Analytical Uses for Filters & Tables (AUMC)