S Corporations: Calculating Shareholder Basis
-
Virtual
2.00 Credits
Member Price $89.00
Non-Member Price $89.00
Overview
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.
Highlights
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
Prerequisites
Basic knowledge of S Corporations and taxes
Designed For
CPAs working in public accounting firms and/or working for S corporations.
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
Preparation
None
Non-Member Price $89.00
Member Price $89.00