Webinar

Partnership and S Corporations: How to Calculate Basis

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The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the process works and their many potential pitfalls. Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com

Major subjects

• Calculation of basis when the entity is formed, including the impact of contributed property.
• How to calculate partnership tax basis capital accounts;.
• Clarifies the how partnerships and S corporations debt impacts tax basis.
• Discusses how distributions affect basis.
• Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest.
• Discusses how S corporation losses impact Form 1040 Schedule E reporting.
• Comprehensive examples to illustrate the mechanics of the basis determination process.

Learning objectives

• Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation.
• Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation.
• Understand potential pitfalls and planning strategies.

Who should take this program?

• CPAs working in public accounting firms and/or working for partnerships or S corporation.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $149.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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