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ADDRESS: 901 Dulaney Valley Road, Suite 800
Towson, MD 21204
PHONE: 888-481-3500
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Partnership/S Corporation Basis and Distribution IssuesCOURSE ID: PSBD
DESCRIPTION

Basis is a fundamentally important issue when dealing with passthrough entities, as it impacts the equity holder’s ability to deduct losses and/or receive distributions without a negative tax impact. As well, distributions from the different types of passthrough entities are subject to differences in treatment that can have a major impact on the tax liability of the client. This course will look at the rules on calculating basis, limitations on loss deductions (including at-risk rules) and the treatment of distributions.

DESIGNED FOR: CPAs who advise clients holding interests in passthrough entities and the passthrough entities themselvesFIELD OF STUDY: TaxesLEVEL: IntermediatePREREQUISITES: NoneCOURSE PRODUCER: Nichols Patrick CPE, IncCREDITS: 8.0OBJECTIVES:
  • Inside and outside basis and gain/loss issues on formation
  • Calculation of basis based on annual activities of the passthrough entities
  • Understand how to structure distributions to avoid unpleasant surprise tax liabilities
HIGHLIGHTS:

* Formation of a new S corporation and contribution of assets in 351 tax free transactions * Issuance of partnership interests in exchange for property in tax free manner under 721 * Treatment of issuance of a partnership interest for services * Allocation of debt to partners in a partnership, including deemed distribution provisions * Special partnership basis rules, including required allocations for contributed assets *Under 704(c) and elective adjustments when a 754 election is in place * Treatment of partnership and S corporation distributions * At risk rules and their limits on losses

INSTRUCTOR
-TBD-
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Business Learning Institute - Course Catalog
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