DESIGNED FOR
CPAs working in public accounting and/or working for an S Corporation.
BENEFITS
After attending this presentation you will be able to...
- Understand the tax issues related to S corporation owner's basis for shares and loans
- Relate these issues to formation through operations and sale and/or liquidation
HIGHLIGHTS
The major topics covered in this class include:
- How to calculate basis when the entity is formed
- Impact of contributed property
- Explanation of the importance of shareholder loans to the entity
- Comprehensive example of the mechanics of the basis determination process
- How basis is impacted by distributions of corporation property
- How basis is impacted by the sale/liquidation of S corporation interest
- How S corporation losses impact Form 1040, Schedule E reporting
- Illustration of how to get from the Schedule K-1 information to the basis calculation
PREREQUISITES
Basic working knowledge of S corporation taxation.
ADVANCE PREPARATION
None