The IRS is scrutinizing the basis owners have and the transactions in which the computation of basis is required more closely than ever. Address the rules used to determine basis for partnerships and S Corporations, and put the computation of basis in contexts that often come under scrutiny. Learn the crucial rules for computing the adjusted basis and the tax treatment of distributions of pass-through entities.
DESIGNED FOR
CPA firm managers, partners, and other tax practitioners who advise clients concerning issues related to the computation of pass-through entity basis, loss limitations, sales
of interests and distributions.
BENEFITS
- Calculate the basis of a partnership interest or S Corporation ownership
- Determine the amount and the character of income or loss the partner or shareholder should recognize because of distributions of propertyor money
- Apply the basis, at-risk, and passive activity loss limitations to passthrough losses from partnerships, LLCs, and S Corporations
- Determine the tax treatment of sales of either partnership interests or S Corporation stock
- Calculate the basis of partnership or LLC property following certain distributions and transfers of interests in the entity
HIGHLIGHTS
- Structuring cash and property distributions to avoid unexpected tax consequences
- Adjusting basis in partnership assets to save future taxes
- Measuring the gain or loss on the sale of an interest in a partnership or S Corporation
- Minimizing recognition of ordinary income on sale of an interest
- Maximizing the amount of the pass-through losses deductible by the partner/shareholder
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in business taxation.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- *AICPA members deduct an additional $30 from applicable price.
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