S Corporations: How to Calculate Shareholder Basis

Course Details

Date

Monday, June 21, 2021

7:30am – 9:30am (Registration: 11:13am)

Location

Online

Field of Study

Taxation

CPE Credit

2 hours CPE credit

Level of Knowledge

Intermediate

Vendor

CPA Crossings

Prerequisites

Basic working knowledge of S corporation taxation.

Description

This program provides a detailed analysis of the calculations related to determining a shareholder's tax basis for S corporation shares and loans, with a focus on how to use the Form 1120S, Schedule K-1 information for basis determination. An illustrative example will demonstrate how the process works. The many potential pitfalls will also be addressed.

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 covered in this class include:

  • How to calculate basis when the entity is formed
  • Impact of contributed property
  • Explanation of the importance of shareholder loans to the entity
  • Comprehensive example of the mechanics of the basis determination process
  • How basis is impacted by distributions of corporation property
  • How basis is impacted by the sale/liquidation of S corporation interest
  • How S corporation losses impact Form 1040, Schedule E reporting
  • Illustration of how to get from the Schedule K-1 information to the basis calculation

Objectives

After attending this presentation you will be able to...

  • Understand the tax issues related to S corporation owner's basis for shares and loans
  • Relate these issues to formation through operations and sale and/or liquidation

Designed For

CPAs working in public accounting and/or working for an S Corporation.

Registration for this course has passed.

Course Pricing

WYOCPA Member Fee
$79.00

Non-Member Fee
$103.00

Your Price
$103.00

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