Shareholder and Partnership Basis Issues 1 Credit 1 Credit
The basis of a partner in a partnership and of an S Corp shareholder are similar, and the basis for each type of business serves the same purposes. When deductions or losses are passed through to either a partner or shareholder, the calculated basis puts a limit on tax deductions.
Basis in a flow-through business is key to deducting losses and calculating gains or losses on disposition. Certain losses deductible by partners in partnerships are not deductible by S corporation shareholders.
Shareholders track their basis using accumulated adjustment accounts, while partners use capital accounts. Both are increased by flow-through income, contributions of cash or property, and reduced by distributions and deductions. Similarly, both owners are also subject to at-risk rules before loss deductions are allowed.
Planning techniques are available to increase the basis in these flow-through entities to deduct current-year losses. Ordering rules for loss deductions and restoration of basis are complex.Â
Tax practitioners need to understand the similarities and differences in basis calculations for owners of both partnerships and S corporations to report annual flow-through income and deductions and ultimately the gain or loss on the disposition of these entities.
This CPE/CE tax course will cover all a practitioner needs to know about calculating the basis for shareholders of S-corporations and partners in a partnership. In particular, it will cover new items such as the new Form 7203 from the IRS, for tracking the basis of S-Corp shareholders.Â
This CPE/CE also covers the differences in basis tracking between the 2 types of entities and discusses best practices for practitioners.
This CPE/CE Tax Webinar answers the following major questions:
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00728) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for Certified Public Accountants (CPA-US) | 1 CPE | Approved |
| Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Federal tax-related matters for Annual Filing Season Program (AFSP) | 1 CE | Approved |
| Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-00728) | 1 CE | Approved |
| Taxes for Delaware Licensed Public Accountant (DE-LPA) | 1 CPE | Eligible |
| Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Federal tax-related matters for LTC (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00785-21-O) | 1 CE | Approved |
| Taxes for Iowa Licensed Public Accountant (IA-LPA) | 1 CPE | Eligible |
| Taxes for Maine Licensed Public Accountant (ME-LPA) | 1 CPE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
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 aintenance 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.
MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478
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.
Jason Dinesen (LPA, EA) is an entrepreneur, tax expert, and CPE Presenter. Dinesen brings over 15 years of experience helping individuals and businesses with accounting, bookkeeping, tax preparation, and business advisory in various industries. Dinesen is a regular CPE Presenter at MYCPE ONE. He has coached more than 200k+ accounting, taxes, and HR professionals on various topics of accounting, individual taxation, corporate taxation, and professional ethics. Jason has developed a strong following within the professional community for tax-related subjects. Dinesen is known for sharp tax interpretations, and he quickly brings his analysis of the latest tax updates and IRS guidance to the professional community.
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To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
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After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
CT
I took this class because I was stuck on calculating the basis. I was looking all over the partnerships return to figure out where to enter the basis. The instructor casually mentioned that it was the responsibility of the individual instead of the partnership. Nailed it! I quickly found what I was looking for. Thank you!!
DB
I love the webinar form of continuing education. The presenters are knowledgeable. The subjects are relevant and interesting.
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