Partnership & S Corporation - Basis & Distribution Issues - Virtual Experience

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  • Date/Time
    • Oct 31, 2022
    • Sign In: 7:45am (MT)
    • Program: 8:00am - 3:45pm (MT)
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  • Location
    • Your Computer
      Your Space
      ISCPA Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxation (8.00)
  • Prerequisites
    • Some experience with partnership and s corp taxation

  • Vendor
    • *** ISCPA ***
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

Basis is a fundamentally important issue when dealing with pass-through 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 pass-through 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.

  • Qualifies for IRS CE

Designed For

  • Practitioners who advise clients holding interests in pass-through entities and the pass-through entities themselves.
  • Objectives

    • Understand inside and outside basis and gain/loss issues on formation
    • Perform calculation of basis based on annual activities of the pass-through entities
    • Understand how to structure distributions to avoid unpleasant, surprise tax liabilities

    Highlights

    • IRS Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
    • Formation of a new S Corporation and contribution of assets
    • Issuance of partnership interests in exchange for property in tax-free manner
    • 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
    • Determining required adjustments under Section 704(c) and elective adjustments under Sections 734 and 743 when a Section 754 election is in place
    • Treatment of partnership and S Corporation distributions
    • At-risk rules and their limits on losses
    • Sale of partnership/s corporation interests

    Advanced Prep

  • Download PDF manual - view your upcoming events in "My CPE" on website
  • Test your computer/device for compatibility with virtual meeting space well in advance of your webinar

    If you need this reported to the IRS for CE credit, email CPE@idcpa.org

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    Or In Person

    Leaders

    Ed Zollars

    Ed Zollars Edward K. Zollars, CPA is in public practice in Phoenix, Arizona as a partner with the firm of Thomas & Zollars & Lynch, Ltd. He has been in practice for over twenty five years, specializing in tax issues for closely held businesses and individuals. Ed has been professionally involved with both tax and technology issues, combing the two disciplines in starting the first tax podcast (Ed Zollars Tax Update, produced weekly dealing with current tax issues. He has been a member of AICPA Tax Division Committees dealing with tax and technology issues, and was the Tax Section's representative on three occasions to the AICPA's Top Ten Technologies project. Ed is also a member of the Phoenix Tax Workshop's Advisory Committee, and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs.Ed was selected as a Life Member by the Arizona Society of CPAs in May of 2010. Ed is a co-author of the Arizona Income Tax Guide published by the Phoenix Tax Workshop, and has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA's Accountants Forum in the mid 1990s. He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state society of CPAs.

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