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Wednesday, December 16, 2020 Webcast

Surgent's Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S Corporations, LLCs, and Partnerships (E2012161)

9:00 AM - 4:30 PM EST

Registration: 8:30 AM EST

webcast

Webcast

8.0 CPE Credits in TX

OVERVIEW

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues.

BENEFITS

  • Determine initial basis and organizing tax-free under §351 and §721
  • Understand what affects basis and how to treat distributions
  • Passing the four loss limitation hurdles to deduct losses

HIGHLIGHTS

  • Executor’s new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • How §179 limitations affect basis and how tax-benefit rule is applied
  • Basis implications of personal assets converted to business use
  • How to calculate basis of inherited and joint tenancy property
  • New rules for NOLs
  • S corporations: Beware of final IRS regulations regarding “open debt”; determine how to calculate basis; worksheets are included; understand the effect of stock basis and debt basis and IRS’s recent focus on "at-risk basis" for shareholders; recognize how AAA applies or doesn’t apply to S corporations; learn to apply the complex basis ordering rules and special elections that can have a big tax result; discuss loss limitation rules in depth; when you can have a taxable dividend in an S corporation; understand distributions of cash and property; understand the post-termination transition rules, and temporary new TCJA post-termination rules for eligible corporations, which will be important for S Corps returning to C corps
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; learn to calculate basis under §704 & for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; learn the difference between basis and “at-risk basis”; review §754 step-up in basis rules; the economic effect equivalence test or “dumb-but-lucky” rule; learn to apply the complex rules of distribution of cash vs. property, TCJA cleans up the basis treatment of charitable contributions and foreign taxes paid

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in business taxation.

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • This seminar qualifies for IRS credit.

Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.

INSTRUCTOR

Robert Gilwee

Robert M. Gilwee, CPA, MS

Surgent Professional Education

Robert Gilwee, CPA Robert M. Gilwee, Jr. is a partner in the accounting firm Grandizio, Wilkins, Little, & Matthews, LLP in Sparks, Maryland. He has more than 30 years of practice experience in taxation. His background includes assistance in resolving tax-structuring issues using LLCs, S corporations, and other entities. He is a frequent discussion leader on a variety of taxation topics. He received the Top Manuscript Award from Coopers & Lybrand. In 2015, 2016, and 2018, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.

PRICING

$389.00 - Non Member

$289.00 - Member

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Note: Online pre-registration will close 24 hours prior to this event.

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COURSE DEVELOPER

Surgent