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Stock & Debt Basis Calculations for S Corporation Shareholders 4173393Y
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Get up to speed quickly in the area of basis calculations and distribution planning for the owners of an S corporation.

11/17/2017
When: 11:00 AM to 1:00 PM
Where: Webinar/Webcast
United States
Presenter: J Patrick Garverick, CPA, MT, CFP
Contact: April Deneault
801-466-10589


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Curriculums:   Business and Corporate Taxation,Individual Tax Planning and Return Preparation

NASBA Credit Category:  Taxes

CPE Hours:  2

Description

Get up to speed quickly in the area of basis calculations and distribution planning for the owners of an S corporation.

Materials are provided as an ebook for this course.



Major Subjects

  • Line-by-line analysis of the Schedule K-1 to determine how the items affect a S shareholder’s stock and debt 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
  • Calculating the tax treatment of the sale of a shareholder’s stock in a S corporation
  • What constitutes debt basis for a S corporation shareholder under the final regulations
  • The tax ramifications of repaying loans to S corporation shareholders and on open account debt

Objectives

  • List the 3 main reasons for calculating a shareholder’s basis in a S corporation
  • Calculate the stock and debt basis for S corporation shareholders
  • Review the Form 1120S Schedule K-1 to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

Level:  Intermediate

Designed For

Tax professionals that need an in-depth training on basis calculations and distributions rules for S-Corporations shareholders.

Advanced Prep:

None.

Prerequisite

Basic understanding of individual income taxation.

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