Mastering Basis Issues for S Corps, Partnerships & LLCs [HMB4]

Sep 19, 2023
Time: 12:30pm-4:00pm



Credit Hours:



Member: $175.00
Non-member: $240.00

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Discussion Leader:

Susan Smith, CPA    more info

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 4.8 on a scale of 5.0. Smith is a four-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. And in 2015, 2016, and 2018, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Smith earned her Bachelor of Business Administration degree with an accounting concentration, from the University of Toledo.

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Website registration for this course closes on September 18, 2023. To register after this date please contact the society at or 907-562-4334.

Full Description

Surgent's Mastering Basis Issues for S Corporations, Partnerships & LLCs (HMB4)

September 19th, 2023 / 12:30 pm 4:00 pm

Fireweed Conference Center
725 E Fireweed Lane
Anchorage, AK 99503

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 any basis considerations within any recent tax legislation enacted before the presentation
- Discuss new pass-through basis calculations required as attachments to certain individual returns
- Excess business losses and NOLs
- Tax Basis Capital Account Reporting Requirements
- How 179 limitations affect basis and how the "tax-benefit'' rule is applied
- S corporations: Beware of final IRS regulations regarding "open debr 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, and temporary post-termination rules for eligible corporations
- 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; and learn how legislation cleans up the basis treatment of charitable contributions and foreign taxes paid

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

Designed For: Accounting and financial professionals 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