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Basis Calculations & Distributions For Pass-thru Entity Owners Schedule K-1 Analysis (Latest)

Basis Calculations for Pass-thru Entity Owners Schedule K-1(form 1065) | myCPE - Test

8 Credits

$120

Subject Area

Taxes

Webinar Qualifies For

8 CPE credit of Taxes for all CPAs

8 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00063-19-S)

8 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0275)

8 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

8 CPD credit (Verifiable) for CPA/PFS

8 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

8 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00063-19-S)

8 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00063-19-S)

8 General Educational credit for Tax Professionals / Bookkeepers / Accountants

You need to register for the webinar to watch the video.

Click Here to Register

Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Nov 01, 2021 | 11:00 AM EDT Register
Nov 08, 2021 | 12:00 PM EDT Register

Overview

  • Loss & Deductions Limitations
    18 mins
  • Carryover of Disallowed Losses & Deductions
    57 mins
  • Increases in Stock Basis
    96 mins
  • Stock & Debt Basis Worksheet
    131 mins
  • Adjustment to Shareholder Debt Basis
    154 mins
  • Repayment of Shareholder Debt
    192 mins
  • IRC 108 Cancellation of Debt (COD) Income
    206 mins
  • Calculating a Partner's Outside Tax Basis
    251 mins
  • Alternative Rule to Calculate a Partner's Basis
    280 mins
  • Sale of S Corporation Stock & Partnership Interest
    362 mins

Course Description

This online comprehensive case-driven online CPE/CE webinar is designed to get the accountant up to speed quickly in the area of basic 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 online CPE/CE course is the line-by-line analysis of the Schedule K-1s and how it affects the basic calculations. This online CE webinar 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.

This Online Tax CE Webinar includes the following topics but is 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 basic 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 basic calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners​.

Click here for webinars on Tax Updates | IRS Audit Representation | Estate Planning CPE Webinars

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
  • To 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?

  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals

Testimonial

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