S CORPORATION PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS - FORM 1120S SCHEDULE K & K-1 ANALYSIS
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Course Details

Overview of Topics

  • Summary of §351 transaction requirements8 mins
  • Stock for Services24 mins
  • Shareholders Share of S Corporation Items61 mins
  • Qualified Business Income (QBI) Deduction99 mins
  • Case Study - Family Members Compensation163 mins
  • Amount of Distribution193 mins
  • Ordering Rules for the AAA242 mins
  • Three Loss Limitations287 mins
  • Case Study - Shareholder Stock325 mins
  • Open Accountant Debt Defined382 mins

Course Description

This comprehensive training is designed to get the accountant up to speed quickly with S corporation formation and preparation issues as well as a complete understanding of calculating a shareholder’s stock and debt basis. The cornerstone of this course is the in-depth line-by-line analysis of the Form 1120S Schedule K and K-1 and how these items affect the shareholder’s Federal individual income tax return.

Webinar Qualifies for

  • 8 CPE credit of Taxes for all CPAs
  • 8 CE credit of California Taxation for California Tax Professionals (CTEC Approved - 6273)
  • 8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)
  • 8 CE credit of Federal Tax Related Matters for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273)
  • 8 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )
  • 8 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • Form a S corporation and calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
  • Prepare a basic S corporation (Form 1120S) Schedule K & Schedule M-2 including the reporting of cash and non-cash distributions
  • Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1
  • List the three main reasons for calculating a shareholder’s basis in a S corporation
  • Calculate a shareholder’s stock and debt and determine if losses and deductions are limited on their individual income tax return

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 when 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. Which are basic requirements that must be met to a tax – free exchange?
  10. When an exclusion from gross income provides for COD income?
  11. What is included in stock?
  12. To whom at risk rules is not applied?
  13. ___________________________shall be treated as gain from the sale or exchange of a collectible that is a capital asset held for more than 1 year.
  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. Which items includes in S corporation as separately stated items?
  16. What does not included in stock?
  17. What are the different type of leave credits?
  18. 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:
  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 Compensation of officers?
  24. Which schedule is used for Capital Gains and Losses and Built – in Gains?
  1. What is the full form of PPP?
  2. 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.
  3. In which Schedule capital loss is reported?
  4. Which form is must be issued to the shareholder while dividend distribution?
  5. How much the basis of property transferred spouses can be increased?
  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. What is the threshold limit for married filing jointly?
  9. Which form is used for rental real estate income and expenses of a partnership of an S Corporation?
  10. For any taxable year the aggregate amount treated by the taxpayer as an ordinary loss shall not exceed :
  11. In which section net operating loss deduction provided?
  12. When a person is known as significant transferor?
  13. Which Form is used for report of organizational actions affecting basis of securities?
  14. Zero Estate Election applies 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. What is not included in qualified trade or business?
  18. How many years are defined for depreciable period?
  19. What is designation due date?
  20. How do you report cost basis on taxes?
  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. Which form is used for calculate your total net investment income?
  25. What is the maximum LTCG rate for collectible gain?
  26. Qualified plan distribution are ______________________________.
  27. Which Form is used for U.S. Income Tax Return for an S Corporation?
  28. In which section Shareholder’s stock basis & Debt basis stated?
  29. What is included in qualified distribution?
  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. Which Form is used for Corporate Report of Non dividend Distribution?
  34. Factors which tend to indicate active participation include:
  35. What is the full form of QBI?
  36. The tax does not apply to a:
  37. What is the full form of MAGI?
  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?

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NASBA Approved

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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

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

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

ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
Internal and System Controls
Tuesday, September 29, 2020 View Details/Register
Common Issues with Financial Ratio Analysis
Tuesday, September 29, 2020 View Details/Register
  • Cost $120
  • CPE Credits 8
  • CE Credits 8
  • IRS Course ID GEHNZ-T-00078-19-S
  • CTEC Course ID 6273-CE-0056
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date September 08 ,2020
  • Published Date September 08 ,2020
  • Who should attend? Enrolled Agent Tax Attorney Tax Practitioners CPA - Small Firm CPA - Mid Size Firm Tax Pros CPA (Industry) Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Accountant (Industry) Tax Director (Industry) Tax Managers Tax Preparer
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  • Key Terms Download

On-Demand Webinars

ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
Internal and System Controls
Tuesday, September 29, 2020 View Details/Register
Common Issues with Financial Ratio Analysis
Tuesday, September 29, 2020 View Details/Register