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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