Partnership/Scorporation Basis and Distribution Issues [PSBD Anc]
Time: 8-4
Subject:
TaxationCredit Hours:
8.00Price:
Member: $295.00
Non-member: $445.00
Discussion Leader:
Don P. Cochran, CPA
more info
Don Cochran is a solo practitioner in Apple Valley, Minnesota. His 30 years of practice has been focused primarily in the areas of small business legal and tax consulting, and individual tax, estate, and financial planning. Don has practiced law in both Iowa and Minnesota, was a CPA with the Small and Emerging Business practice of then Big 8 accounting firm, Touche Ross, in Bloomington, Minnesota, and was the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company. He developed and provided continuing education on tax and legal planning strategies for small to medium size businesses and wealthy individuals, and worked with insurance wholesalers and financial advisors to understand and implement financial strategies geared towards asset preservation and income in retirement. Don earned his undergraduate degree, a Bachelor of Science in General Science, from the University of Iowa, Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being an attorney and Certified Public Accountant, he maintains his designations as a Certified Financial Planner® and Certified Retirement Counselor®. He is a member of the Minnesota and Iowa State Bar Associations, and the Minnesota Society of CPAs.
closeWebsite registration for this course closes on June 24, 2015. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.
Full Description
Partnership/S Corporation Basis and Distribution IssuesJune 25, 2015
AKCPA Office
Anchorage, AK
LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course.
Basis is a fundamentally important issue when dealing with passthrough entities, as it impacts the equity holders ability to deduct losses and/or receive distributions without a negative tax impact. As well, distributions from the different types of passthrough entities are subject to differences in treatment that can have a major impact on the tax liability of the client. This course will look at the rules on calculating basis, limitations on loss deductions (including at-risk rules) and the treatment of distributions.
Major Topics:
Formation of a new S corporation and contribution of assets in 351 tax free transactions
Issuance of partnership interests in exchange for property in tax free manner under 721
Treatment of issuance of a partnership interest for services
Allocation of debt to partners in a partnership, including deemed distribution provisions
Special partnership basis rules, including required allocations for contributed assets
Under 704 and elective adjustments when a 754 election is in place
Treatment of partnership and S corporation distributions
At risk rules and their limits on losses
Learning Objectives:
Inside and outside basis and gain/loss issues on formation
Calculation of basis based on annual activities of the passthrough entities
Understand how to structure distributions to avoid unpleasant surprise tax liabilities
Designed For: CPAs who advise clients holding interests in passthrough entities and the passthrough entities themselves
Level of Knowledge: Intermediate
CPE Credits: 8, Tax
Prerequisite: None
Acronym: PSBD
Discussion Leader: Don Cochran, CPA
