CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

BEST WORKSHOP ON STOCK & DEBT BASIS CALCULATIONS FOR S CORPORATION SHAREHOLDERS

J. Patrick Garverick, CFP, CPA

THE GARVS LLC

Monday, February 10, 2020 | 10:00 AM EDT

  • CPA
  • EA

4 Credits

$60

Subject Area

Taxes

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Course Description

In this CPE course nationally recognized tax expert and instructor J. Patrick Garverick, CPA, CFA., will walk you through the basics of a shareholder's basis in both the stock and the debt of the S corporation.This comprehensive training is designed to get the accountant up to speed quickly on basis calculations and distribution planning for the owners of an S corporation. 

As unlike a C corporation, each year a shareholder's stock basis in an S corporation increases or decreases based upon the S corporation's operations. If a shareholder receives a non-dividend distribution from an S corporation, the distribution is tax-free to the extent it does not exceed the shareholder's stock basis. Debt basis is not considered when determining the taxability of a distribution. This course will provide detailed training on the situations in which an S corporation shareholder’s basis is relevant, and how to calculate the stock basis.

This interactive webinar is suitable for every Tax professionals, CPA, Accountant, Enrolled Agent who is helping their client with preparing, advising or planning for taxes. Also this is most suitable webinar for staff members of Tax practice or CPA firm whereby you want your staff members to acquire latest understanding on the topic

TOPICS COVERED

  • S Corporation Basic Issues
  • Ordering of Basis Adjustments
  • Stock Basis: Initial Computation
  • Suspended Loss Treatment
  • Tracking Basis
  • AAA versus Basis
  • Creating Debt Basis
  • Back to Back Loan Strategy
  • Back to Back Loan Scenarios
  • Entity Approach: Form Dominates Substance
  • Creating Debt Basis???
  • S Corporation: Distributions
  • Distributions‐ Corporate Effect
  • Distributions‐ Shareholder Effect
  • Distributions when E&P Exists
  • Distributions Without E&P
  • Repayment of "Debased" Debt
  • Allocations of income and loss and their effect on S corporation shareholder stock basis
  • The relationship between stock basis and debt basis
  • Situations in which S corporation shareholder basis is relevant, including distributions and sale of stock

Learning Objectives

  • List the 3 main reasons for calculating a shareholder’s basis in a S corporation
  • Calculate the stock and debt basis for S corporation shareholders
  • Review the Form 1120S Schedule K-1 to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040
  • Describe the mechanics of calculating S corporation shareholder stock basis
  • Recognize the effects of capital contributions, distributions and allocation of income and loss on S corporation shareholder stock basis

Who Should Attend?

  • Accountant
  • Accounting Firm
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Entrepreneurial CPA
  • Others
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Pros
  • Young CPA