A detailed analysis of the calculations related to determining a shareholder's tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination.
DESIGNED FOR
CPAs working in public accounting firms and/or working for S corporations.
BENEFITS
After attending this presentation, you will be able to...
- Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations
- Determine strategies of a sale and/or liquidation
- Analyze how S corporation losses impact Form 1040 Schedule E-reporting
HIGHLIGHTS
The major topics that will be covered in this course include:
- Discuss the calculation of basis when the entity is formed including the impact of contributed property
- Explain the importance of shareholder loans to the entity
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COURSE LEVEL
Intermediate
PREREQUISITES
Basic knowledge of S Corporations and taxes
ADVANCE PREPARATION
None