Mastering Basis Issues For S Corporations, Partnerships & LLCs [HMB4]

Subject:

Sep 18, 2017
Time: 12:30pm-4:00pm
Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

Discussion Leader:

Susan Smith, CPA

Susan Smith manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master's taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

Full Description

Mastering Basis Issues for S Corporations, Partnerships, and LLCs (HMB4)

September 18, 2017

ACS Business Technology Center
600 East 36th Avenue, Suite 100
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 and $12.50 for each 2 hour course.

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical applications of these rules.

Major Topics:
- Applicable coverage of recent tax acts and any new legislation enacted before the presentation
- Executor's new IRS form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?
- How 179 limitations affect basis and how the "tax-benefit" rule is applied
- S Corporations: - Beware of recent final IRS Regulations regarding "open debt" of S corporations; Understand the effect of stock basis and debt basis and IRS's recent focus on "at-risk basis'' for shareholders; Recognize how AAA applies or does not apply to certain S corporations; Learn to apply the complex ordering rules and special elections that can have a big tax result; Become aware of when you can have a taxable dividend in an S corporation; Understand distributions of cash and property and post-termination transition rules
- LLCs and Partnerships: - Learn the detailed rules of 704 for preventing the shifting of tax consequences among partners or members; Determine how to calculate basis under both 704 and for "at-risk" under 465; Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; Review 754 step-up in basis rules

Learning Objectives:
- Determine initial basis and organizing tax-free under 351 and 721
- Discuss what affects basis and how to treat distributions
- Pass the four loss limitation hurdles to deduct pass-through losses

Designed For: CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Experience in business taxation

Acronym: HMB4

Discussion Leader: Susan Smith, CPA