Partnerships and S Corporations: How to Calculate Basis
Total Credits: 4.4 including 4.4 Taxes - Technical
- Average Rating:
- 40
- Categories:
- ACPEN Tax Institute | Tax | IRS Approved
- Faculty:
- Steven C. Dilley, CPA, JD, PhD
- Course Levels:
- Intermediate
- Duration:
- 4.4 Hours
- License:
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 processes 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 leighanne.conroy@acpen.com.
Basic Course Information
Major Subjects- Calculation of basis when the entity is formed, including the impact of contributed property
- How to calculate partnership tax basis capital accounts
- Explains the use of both "inside" and "outside” basis determination
- 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
Learning 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.
Course Materials
| Important Course Information_Read First (442.7 KB) | Available after Purchase | ||
| Partnership & S Corp How to Calculate Basis Handout (13.8 MB) | Available after Purchase | ||
| IRS CE Credit Request Form (137 KB) | Available after Purchase | ||
Faculty
Steven C. Dilley, CPA, JD, PhD Related Seminars and Products
Steven C. Dilley, CPA, JD, PhD is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 36 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting and was nominated in 2004 for the "Educator of the Year Award." He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Additional Info
Basic Course Information
PrerequisitesBasic working knowledge of partnership and S corporation taxation.
Advanced Preparation
None
Designed For
CPAs working in public accounting firms and/or working for partnerships or S corporation
Original Recording Date
05/2022
Yellow Book
No
Course Developer
Federal Tax Workshop
Date Added to Catalog
05/02/2023
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method
Live Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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