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Course Details

Overview of Topics

  • S Corporation Shareholder basics Computation & Distribution

    14 mins
  • Adjustment to Shareholder Stock Basic

    75 mins
  • Adjustment to Shareholder Debt basis

    145 mins
  • Sale or Exchange of interest in a S Corporation

    202 mins
  • Loss & Deduction Limitations

    213 mins
  • Effect of Liabilities on a Partner's Basis

    271 mins
  • Partnership Distributions

    322 mins
  • Disproportionate Distribution of Hot Assets

    337 mins
  • Basis of Distributed Property Other than Money

    342 mins
  • Sale of Partnership intrest

    354 mins
  • deductions Limited to Amount At Risk

    375 mins

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 participant's 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

J. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again 

  • For Quality of Content
  • For Relevance and Practical Case studies
  • For Best Teaching Approach
  • For Best Course Material

Awards and Accolades

  • Award for Instructor Excellence for California Education Foundation
  • Award for Outstanding Course materials for California Education Foundation.
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected. 

Recommended for Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners​.

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 8 CE credit of Federal Tax for Oregon Tax Preparers
  • 8 CE credit of Federal Tax for Maryland Tax Preparers
  • 8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To identify the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC
  • To calculate the stock and debt basis for S corporation shareholders
  • To calculate the basis for partners and members of a LLC
  • To 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

About Presenter

J. Patrick Garverick, CFP, CPA

Accounting Manager,THE GARVS LLC

pat@phoenixbeach.com

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  • Question 9 : 02:15
  • Question 10 : 02:30
  • Question 11 : 02:45
  • Question 12 : 03:00
  • Question 13 : 03:15
  • Question 14 : 03:30
  • Question 15 : 03:45
  • Question 16 : 04:00
  • Question 17 : 04:15
  • Question 18 : 04:30
  • Question 19 : 04:45
  • Question 20 : 05:00
  • Question 21 : 05:15
  • Question 22 : 05:30
  • Question 23 : 05:45
  • Question 24 : 06:00
  1. Which is loss limitation?
  2. In which section post termination period is defined?
  3. Section 1366 (d) (2) provides _____________________of losses and deduction that are disallowed because of insufficient basis.
  4. “Daddy warbucks dies whwn the fair market value of his 300 shares of buckeye, Inc. is $900,000. Larry, Curly & Moe each inherit 100 shares and take a basis in them of $300,000 each” Known as which Stock?
  5. As per general rule , no gain or loss shall be recognized to a corporation on the distribution (not in complete liquidation) with respect to:
  6. What is the permitted limit to increase the basis of assets can be transferred by decedents?
  7. What is included in qualified spousal property?
  8. At what basis stock is acquired?
  9. What is increases in Stock Basis?
  10. When an exclusion from gross income provides for COD income?
  11. What is decreases in Stock Basis?
  12. To whom at risk rules is not applied?
  13. A ___________________________ balance indicates a predominant money flow outbound from a country to other countries.
  14. The _________________ is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts.
  15. ________ losses which are allowed as deductions for a taxable year under §465 reduce the amount a taxpayer is at risk with respect to that activity at the close of the immediately succeeding taxable year of the taxpayer.
  16. What is the best cost basis method?
  17. The aggregate amount of losses and deduction taken into account by a shareholder for any taxable year of an S corporation cannot exceed the sum of:
  18. When inventory items of the partnership are considered to have appreciated substantially in value?
  19. Which is nondeductible expenses?
  20. Who is required to file Form 6198?
  21. Which activity income of property shall be treated as not from a passive activity?
  22. A tax payer must file a Form 6198 if:
  23. Which form is used for partnership income to file U.S. Income tax return?
  24. How do you treat distributions in excess of basis?
  1. What is the full form of PTTP?
  2. Which from is used for reporting of loss limitation?
  3. When Selection is terminated or revoked?
  4. Which form is must be issued to the shareholder while dividend distribution?
  5. How much the basis of property transferred to the surviving spouses can be increased by?
  6. In which form shareholder may claim any losses or deduction allocated to them?
  7. Distribution in excess of stock basis are taxed as_______________.
  8. The aggregate outstanding principal of which does not exceed ___________ of indebtedness of the S corporation to the shareholder at the close of the S corporations taxable year.
  9. Loss is recognized to a partner only upon liquidation of his entire interest in the partnership, and only if the property distributed to him consists solely of:
  10. Payments made in liquidation of the interest of a retiring partner or a deceased partner shall, except as provided in below (§736(b)), be considered -
  11. In which section unrealized receivables defined?
  12. Which assets are considered Hot Assets and could result in sale or exchange tax treatment if they are distributed to the partners in proportion to their ownership interests?
  13. How do you liquidate a partnership?
  14. Zero Estate Election for decedents dying in______.
  15. A qualified C corporation is a closely held corporation, defined earlier, that is NOT:
  16. The at-risk rules apply to any taxpayer engaged in the activity of:
  17. As per the special rules payments in exchange for an interest in partnership property shall not include amounts paid for:
  18. How many years goodwill will be amortized?
  19. What are the exception in which rules under sec. 751 (b) (1) shall not apply?
  20. How do you report sale of partnership interest?
  21. Which of the taxpayer’s activity shall be treated as separate activity?
  22. Which factor tend to indicate active participation?
  23. What is included in marketable securities?
  24. How do you report cost basis on taxes?
  25. What is the maximum LTCG rate for collectible gain?
  26. Which form is filed by a partnership to report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items?
  27. In the case of a sale or exchange of an interest in a partnership, gain or loss shall be recognized to the transferor partner. The gain or loss realized by the seller is the difference between:
  28. What is the maximum LTCG rate for unrecaptured section 1250 capital gain?
  29. Where you can find cost basis information for your covered shares?
  30. In which year congress introduced at risk rules?
  31. What is other limitations at the individual level on form 1040 included?
  32. What you mean by “Inventory items”?
  33. What is the maximum LTCG rate for residual long term capital gain or loss?
  34. When the activity is known as significant participation activity?
  35. What are the different types of liability?
  36. How many hours must spend to meet the criteria of material participation in real estate activities?
  37. How much real estate rental activities can be netted against ordinary income?
  38. When a taxpayer shall not be considered at risk with respect to amounts protected against loss?
  39. The partnership’s basis in the contributed property is equal to __________________.
  40. Which form is used for at risk limitations?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.6
(35)
71%
20%
6%
0%
3%
  • JE
    Jeffrey Englert , CPA
    Nov 19th 2019
    Mr.Patrick explained the Form 1120S and Form 1065 Schedule K-1s very systematically and also provided us case studies to solve. Would love to see additional and more detailed and longer webinars by this presenter. Great presenter and explanations
TW
Terry Walker , CPA
NA
SH
SAYAREH HALLEGUA , CPA
Outstanding knowledge gained to prevent major errors on losses that would result in major penalties and exposure to client liability.
RR
Rebecca Rambo , CPA
Hard concepts explained well by an experienced tax pro. Thank you.

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

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MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00063-19-S
  • CTEC Course ID 6273-CE-0275
  • Subject Area Taxes
  • Course Level Intermediate
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date August 21 ,2020
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners CPA - Small Firm CPA - Mid Size Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Entrepreneurial Accountant Tax Managers Tax Preparer
  • Handout Material Download Download Download Download Download Download Download Download
  • Key Terms Download

On-Demand Webinars

IRC 199A: 2 YEARS IN – KEY OVERLOOKED PLANNING INITIATIVES
Wednesday, November 11, 2020 View Details/Register
PASSIVE LOSS ISSUES WITH SCHEDULE K-1S
Wednesday, November 11, 2020 View Details/Register
IRS TAX PRACTICE & PROCEDURE INTRODUCTION
Friday, November 06, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON Partnerships & LLCs (FORM 1065) - 2020 UPDATES
Friday, November 06, 2020 View Details/Register
ITEMIZED DEDUCTION UPDATES - WITH EXAMPLES & CASE STUDIES
Thursday, November 05, 2020 View Details/Register
COVER YOUR ASSETS: FRAUD AND INTERNAL CONTROLS
Monday, November 02, 2020 View Details/Register
Excel Accountant: CREATING ERROR-FREE EXCEL SPREADSHEETS
Monday, November 02, 2020 View Details/Register
HOW TO ANALYZE YOUR CLIENT’S TAX SITUATION
Monday, November 02, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S) - 2020 Updates
Friday, October 30, 2020 View Details/Register
IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register