Virtual
Pass-Thru Entity Owners Schedule K-1 Analysis 2024
Date: Dec. 10, 2024
Time: 8 a.m. – 3:30 p.m. PT
Overview
This comprehensive case-driven training is designed to quickly get the accountant up to speed in basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations. This session is taught using a Hands-On methodology. Real-world examples and cases demonstrate the complex income tax code and regulations to enhance the participant's learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real-world examples, and case studies.
Product Code
1000002838-125389
Credit Type
CPE: 8CPE-Technical: 8IRS-TX: 8Intended Audience
Tax professionals (CPAs, accountants & other financial professionals) that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
Basic understanding of individual income taxation.
Advance Preparation
None.
Learning Objectives
Major Subjects
- Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the Form 7203—S Corporation Shareholder Stock and Debt Basis Limitations)
- Line-by-line analysis of the Schedule K-1s to determine how the items affect an S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return
- The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)
- How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners
- Compare the tax treatment of the sale of a shareholder’s stock in an S corporation and a partner’s interest in a partnership
- What constitutes debt basis for an S corporation shareholder under the final regulations
- The tax ramifications of repaying loans to S corporation shareholders and on open account debt
- How recourse and non-recourse debt affect a partner or member’s basis calculations and amount at-risk
Faculty
Additional Details
This is a pre-recorded broadcast. The Instructor will be available to answer questions via the chat feature.