Shareholder Basis

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Stock basis calculation

16 mins
Debt basis calculation

24 mins
Order is important!

26 mins
What is Form 7203

37 mins
Outside basis

44 mins

Course Description

This CE/CPE webinar on taxes will look and the in's and out's of the basis for S Corps and partnerships. Along with the importance of properly calculating the basis.

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. Entity-level debt and personal guarantees are treated differently for these otherwise similar entities.

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. 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.

The speaker of this CE/CPE course Nick Preusch will start with S Corps and determine how to calculate the basis in an S Corp interest, along with ordering elections for properly calculating the basis.

Then he will look into partnerships and after determining the difference between inside and outside basis, how basis is calculated for a partnership to determine things like the amount of loss that is deductible or if any distributions are taxed.

Learning Objectives

To discuss the importance of basis calculations.
To analyze how to calculate outside basis for a partnership.
To analyze how to calculate stock and debt basis for an S Corp.
To explain the difference between the inside and outside basis for partnerships.
To inspect the situations where calculating the basis becomes necessary.

Recommended For

This IRS-Approved CE/CPE course is recommended for CPA, EA, AFSP, Tax Professionals, CVA, CBA/MCBA, Tax Directors, Tax Practitioners, and Tax Attorneys interested in learning everything about the in's and out's of the basis for S Corps and partnerships.

Who Should Attend?

Annual Filing Season Program
Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
CPA (Industry)
CPA - Mid Size Firm
CPA - Small Firm
Enrolled Agent
Maryland Tax Preparers
Oregon Tax Preparers
Young CPA

Course Qualification

Webinar Qualifies For

1 CE Credit for Annual Filing Season Program (AFSP)
1 CE Credit for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0851)
1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
1 CE Credit for Enrolled Agents (EA) (Approval No. GEHNZ-T-00915-22-S)
1 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00915-22-S)
1 CE Credit for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00915-22-S)
1 CPE Credit for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
1 CE Credit for Certified Wealth Strategist (CWS)
1 General Credit for Accountant/Bookkeeper (ACCT./BK)

Additional details

Course Level :

Basic
Credits :

1
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

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 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.

NASBA APPROVED

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 through its website: www.NASBARegistry.org.

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.

Presenter

About Presenter

Nicholas Preusch

Certified Public Accountant (CPA), Nicholas Preusch

Nicholas has worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nicholas has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas has been recognized as the Top 5 Under 35 CPAs in Virginia, and is a member of the AICPA’s Tax Executive Committee. Nicholas is an adjunct professor at the University of Mary Washington. He is a graduate of Carthage College, University of Connecticut (M.S. in Accounting), Case Western Reserve University School of Law (J.D.), and Georgetown University (LLM in Taxation).

Faq

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