Basis Calculations & Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis

This comprehensive course is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the S corporation and partnership Schedule K-1s. 

Participants will: 

- Walk away with a complete understanding of how to calculate the owner's basis in a S corporation, partnership or LLC 

- Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner's Form 1040 

- Understand how losses and deductions may be limited on the Form 1040 due to the basis, at-risk and other Federal individual income tax rules

Receive a comprehensive reference manual with numerous practice aids and real world case studies 

- In-depth coverage of calculating a S shareholder's stock and debt basis and a partner/member's outside basis 

- Emphasis on any new legislative changes including those enacted by the Patient Protection & Affordable Care Act (i.e., the 3.8% net investment income tax & additional 0.9% Medicare tax on high income shareholder's wages & partner's self-employment income). 

- Analysis of the Schedule K-1 line-by-line and discuss where the items get reported on Federal individual income tax return and how they affect the basis calculations 

- Learn the three limitations for deducting losses and deductions on the owner's individual income tax return (i.e., basis, at-risk and other Form 1040 limitations) 

- Determine if cash or non-cash distributions are taxable to the owners and how they affect the basis calculations 

- Compare the tax treatment of the sale of a shareholder's stock in a S corporation and a partner's interest in a partnership 

- Walk through the detailed S corporation shareholder debt basis rules and final regulations on open account debt 

- Look at the tax ramifications of repaying loans to S corporation shareholders 

- Discuss how recourse and non-recourse debt have an effect on a partner or member's basis calculations and amount at-risk 

Session Information
Session Date:
January 06, 2015
Basis Calculations & Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis
Speaker Information
J.P. Garverick   [ view bio ]
part 2
part 3
part 4
Individual topic purchase: Selected
Georgia Society of CPAs
General: 8.00
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On-Demand
GSCPA Member Price:$309.00
Non-Member Price:$409.00