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Surgent's Handbook - Mastering Basis, Distributions, & Loss Limitation Issues for S Corporations,ect
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The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

 Export to Your Calendar 11/18/2016
When: Friday, November 18, 2016
7:00 AM
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


Online registration is available until: 11/18/2016
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Acronym HMBI
CPE 8 hours
Category
Taxes
Level Intermediate
Vendor Surgent
Who should attend

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpractice.

Prerequisite
Experience in business taxation
Fees: Early Bird
Standard
Member N/A
$219
Non-Member: N/A
$269

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description:
The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

Major Topics:

  • Applicable coverage of recent tax acts and any new legislation
  • How §179 limitations affect basis and how tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • How to calculate basis of inherited qualified and joint tenancy property
  • S Corporations:
  • Beware of recent final IRS Regulations regarding “Open Debt”;
  • Determine how to calculate basis; worksheets are included;
  • 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 doesn’t apply to S corporations;
  • Learn to apply the complex basis ordering rules and special elections that can have a big tax result;
  • Discuss loss limitation rules in depth;
  • When you can have a taxable dividend in an S corporation;
  • Understand distributions of cash and property;
  • Understand the post-termination transition rules, which will be important if (when) tax changes bring the return of C corps
  • LLCs and Partnerships:
  • Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members;
  • Learn to calculate basis under §704 & for “at-risk” under §465;
  • Recognize how recourse, non recourse, and qualified non recourse debt can create significantly different tax results;
  • Learn the difference between basis and “at-risk basis”;
  • Review §754 step-up in basis rules;
  • The economic effect equivalence test or “dumb-but-lucky” rule;
  • Learn to apply the complex rules of distribution of cash vs. property and the planning strategies

Objectives:

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

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