S Corporations: Calculating Shareholder Basis

CPE Credit:

Overview

Description:

A detailed analysis of the calculations related to determining a shareholder’s tax basis for S corporation shares and loans. How to use the Form 1120S, Schedule K-1 information for basis determination. An illustrative example demonstrates how the process works, as well as the many potential pitfalls. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Field of Study:

Taxes (2 CPE)

Instructor

Instructor:

Steven C. Dilley, CPA, JD, PhD

Additional Details

Who should attend:

CPAs working in public accounting firms and/or working for S corporations.

Program Level:

Intermediate

Program Content:

The major topics that will be covered in this course include:

Discuss the calculation of basis when the entity is formed including the impact of contributed property
Explain the importance of shareholder loans to the entity
Uses a comprehensive example to illustrate the mechanics of the basis determination process
Schedule K-1 Basis and Form 7203
Discuss how basis is impacted by distributions of corporation property
Explain how basis is impacted by sale/or liquidation of the S corporation interest
Discuss how S corporation losses impact Form 1040 Schedule E reporting
Show how to get from the Schedule K-1 information to the basis calculations

Learning Objectives:

After attending this presentation, you will be able to…

Identify the tax issues related to S corporation owner’s basis for shares and loans from formation through operations
Determine strategies of a sale and/or liquidation
Analyze how S corporation losses impact Form 1040 Schedule E-reporting

Prerequisites:

Basic knowledge of S Corporations and taxes

Advanced Preparation:

None

Developed By:

Federal Tax Workshops, Inc

Format:

Group-Internet-Based

Course Code:

FTSDCSB2

Registration:

$89.00

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