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BASIS CALCULATIONS & DISTRIBUTIONS FOR PASS-THRU ENTITY OWNERS SCHEDULE K-1 ANALYSIS (LATEST)

4.6 (97)

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Wednesday, November 27, 2019 | 09:00 AM EDT

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Preparer
  • CPA/PFS
  • CTEC

8 Credits

$120

Subject Area

Taxes

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Additional Dates

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Course Description

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations.

This session is taught using a Hands-On methodology. Real-world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real-world examples, and case studies.

Topics include but are not limited to:
  • Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s
  • A line-by-line analysis of the Schedule K-1s to determine how the items affect an S shareholder’s stock and debt basis and a partner/member’s the outside 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
  • Compare the tax treatment of the sale of a shareholder’s stock in an S corporation and a partner’s interest in a partnership
  • What constitutes debt basis for an S corporation shareholder under the final regulations
  • The tax ramifications of repaying loans to S corporation shareholders and on open account debt
  • How recourse and non-recourse debt affect a partner or member’s basis calculations and amount at-risk

Learning Objectives

  • List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC
  • Calculate the stock and debt basis for S corporation shareholders
  • Calculate the basis for partners and members of a LLC
  • Calculate losses allowed from at-risk activities
  • Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

Who Should Attend?

  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Tax Firm
  • Tax Practitioners
  • Tax Pros
  • Young CPA

Testimonial

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(
    [no_of_record] => 97
    [average] => 4.5979
)
 

4.6

(97)
68%
27%
3%
1%
1%

RT

J. Patrick did a great job in presenting the information regarding S Corps owned by Trusts and the intricacies of tax laws and how it applies to them. A lot of information that I wasn't familiar with and it broadened my understanding and allows me to apply what i learned to situations that apply.

ER

Tons of valuable information, lots of hand-outs to refer to and a recording of the session to enjoy it over and over again. There was so much knowledge in this session that I need to go back and do it again to maximize the full benefit .Thanks.

JAM

The instructor was educated in this field of study, he answered all questions. enjoyed taking this course and will definitely take more classes, He is engaged with the audience, and answers questions, both during the webinar and off-line.

MG

Although I currently have no S corp clients, the information presented makes me curious enough to consider taking some on! In addition to the rich technical content of the webinar, I appreciated our instructor's sense of humor. Much needed these days!

JL

It was a fabulous webinar

HG

Very informative material and the lecturer explains complicated tax concepts well by using examples.