Basis Calculations and Distributions for Pass-Through Entity Owners: Schedule K-1 Analysis

Code: BCAD

Space is available, but online registration has closed. Please call 952-831-2707 to register.

Date Monday, September 24, 2018
Time 8:30am - 4:30pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Instructor J. Patrick Garverick, CPA, MT, CFP
Phoenix Beach, LLC
Fees
Standard member fee $325.00
checkmarkStandard nonmember fee $375.00

Members: Please log in to receive member fee.

Description

Get quickly up to speed on basis calculations and distribution planning for the owners of pass-through entities such as S Corporations, partnerships and limited liability companies (LLCs). Take a hands-on, comprehensive look at case studies and walk through a line-by-line analysis of Schedule K-1 so you fully understand how it affects basis calculations. Come away with an in-depth reference manual full of helpful practice aids, examples and case studies.

Who should take this program?

CPAs and tax practitioners in public practice

Major subjects

  • Line-by-line analysis of Schedule K-1s -- how the items affect a shareholder's stock and debt basis and a partner/member's outside basis
  • Where the items are reported on the federal individual income tax return
  • The three loss and deduction limitations on the owner's individual income tax return (basis, at-risk and other Form 1040 limitations)
  • How cash or noncash distributions affect basis calculations, and if they are taxable to the owners
  • Tax treatment of the sale of a shareholder's stock in an S Corporation vs. a partner's interest in a partnership
  • What constitutes debt basis for an S Corporation shareholder under the final regulations
  • Tax ramifications of repaying loans to S Corporation shareholders and on open account debt
  • How recourse and nonrecourse debt affect a partner or member's basis calculations and amount at-risk
  • Real-world examples and cases that demonstrate the complex income tax code and regulations

Learning objective(s)

  • List the three main reasons for calculating a shareholder's basis in an S Corporation and partner/member's basis in a partnership/LLC
  • Calculate the stock and debt basis for S Corporation shareholders
  • Calculate the basis for partners and members of a LLC
  • Calculate losses allowed from at-risk activities
  • Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and are reported on the individual owner's Form 1040

Notes:

Course code Code BCAD
Sponsor MNCPA
NASBA ID#: 139884
Level Intermediate
Format Group Live
Prerequisites Prereq. Basic understanding of individual income taxation recommended.
Advance
prep
None