Description 
A detailed analysis of the calculations related to determining an S shareholder's tax basis for S corporation shares using the Form 1120S, Schedule K-1 information.  An illustrative example will demonstrate how the process works, as well as the many potential pitfalls.


Specific topics include:

• Discusses the calculation of basis when the entity is formed including the impact of contributed property.
• Explains the importance of shareholder loans to the entity.
• Uses a comprehensive example to illustrate the mechanics of the basis determination process
• Discusses how basis is impacted by distributions of corporation property.
• Explains how basis is impacted by sale and/or liquidation of the S corporation interest.

Objectives

• To provide a thorough review and update of the tax issues related to S corporation owner's basis from formation through operations and concluding with sale and/or liquidation

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