Partnership/Scorporation Basis and Distribution Issues [PSBD Anc]

Jun 25, 2015
Time: 8-4

Subject:

Taxation

Credit Hours:

8.00

Price:

Member: $295.00
Non-member: $445.00

Print Page

Discussion Leader: Don Cochran, CPA

Website 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 Issues

June 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