Surgent's Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships  (X1-HMBI-2019-01-WEBNR-345-01)

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

• Applicable coverage of any basis considerations within the Tax Cuts and Jobs Act, and other recent tax legislation enacted before the presentation
• Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
• Executor’s new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
• 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 and joint tenancy property
• New rules for NOLs
• S corporations: Beware of 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, and temporary new TCJA post-termination rules for eligible corporations, which will be important for S Corps returning to 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, nonrecourse, and qualified nonrecourse 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, TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

• This seminar qualifies for IRS credit.

Note: Online pre-registration will be closed on Dec 11 at 8:30 AM.
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Registrations will be accepted at the door.