Partnerships and S Corporations: How to Calculate Basis
Total Credits: 4 including 4 Taxes - Technical
- Average Rating:
- Not yet rated
- Categories:
- ACPEN Tax Institute | Tax | IRS Approved
- Faculty:
- Steven C. Dilley, CPA, JD, PhD
- Course Levels:
- Intermediate
- Duration:
- 4 Hours
- License:
- Access for 30 day(s) after program date.
Description
The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to leighanne.conroy@acpen.com.
Basic Course Information
Major Subjects- Calculation of basis when the entity is formed, including the impact of contributed property
- How to calculate partnership tax basis capital accounts
- Explains the use of both "inside" and "outside” basis determination
- Clarifies the how partnerships and S corporations debt impacts tax basis
- Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
- Discusses how S corporation losses impact Form 1040 Schedule E reporting
- Comprehensive examples to illustrate the mechanics of the basis determination process
Learning Objectives
- Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
- Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
- Understand potential pitfalls and planning strategies
Course Materials
| IMPORTANT_CPE Credit Instructions_Read Before Webcast_Updated_10_16_21 (442.7 KB) | Available after Purchase |
| IRS CE Credit Request Form (137 KB) | Available after Purchase |
Faculty
Steven C. Dilley, CPA, JD, PhD Related seminars and products
Steven C. Dilley, CPA, JD, PhD is President of Federal Tax Workshops, Inc., East Lansing, Michigan, where for the past 36 years, his organization has prepared continuing professional education materials and presented seminars for accountants and attorneys throughout the United States. He is nationally known for his knowledge of the financial, accounting, and tax problems of the closely held business. He has published numerous articles on these topics. In addition, Steve is a Professor of Accounting at Michigan State University, East Lansing, where he teaches tax accounting and was nominated in 2004 for the "Educator of the Year Award." He obtained his PhD in accounting, law degree and an undergraduate accounting degree from the University of Wisconsin-Madison. He is a member of the Michigan Association of CPAs, Wisconsin Bar Association, The American Accounting Association, AICPA, American Tax Association, and Hawaii Association of Public Accountants.
Dates
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Tue, May 02, 2023 - 07:00am to 11:00am MDT
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Tue, May 16, 2023 - 09:00am to 01:00pm MDT
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Tue, May 23, 2023 - 05:00pm to 09:00pm MDT
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Mon, Jun 05, 2023 - 01:00pm to 05:00pm MDT
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Sat, Jun 17, 2023 - 07:00am to 11:00am MDT
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Wed, Jun 21, 2023 - 09:00am to 01:00pm MDT
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Fri, Jun 30, 2023 - 11:00am to 03:00pm MDT
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Mon, Jul 03, 2023 - 01:00pm to 05:00pm MDT
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Sat, Jul 08, 2023 - 07:00am to 11:00am MDT
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Wed, Jul 26, 2023 - 09:00am to 01:00pm MDT
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Sat, Aug 05, 2023 - 11:00am to 03:00pm MDT
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Wed, Aug 16, 2023 - 01:00pm to 05:00pm MDT
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Fri, Aug 25, 2023 - 07:00am to 11:00am MDT
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Fri, Sep 01, 2023 - 09:00am to 01:00pm MDT
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Fri, Sep 15, 2023 - 11:00am to 03:00pm MDT
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Thu, Sep 21, 2023 - 05:00pm to 09:00pm MDT
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Sat, Oct 07, 2023 - 07:00am to 11:00am MDT
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Wed, Oct 18, 2023 - 09:00am to 01:00pm MDT
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Mon, Oct 30, 2023 - 11:00am to 03:00pm MDT
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Wed, Nov 08, 2023 - 01:00pm to 05:00pm MST
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Fri, Nov 10, 2023 - 07:00am to 11:00am MST
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Sat, Nov 25, 2023 - 09:00am to 01:00pm MST
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Tue, Dec 05, 2023 - 05:00pm to 09:00pm MST
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Mon, Dec 11, 2023 - 01:00pm to 05:00pm MST
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Mon, Dec 18, 2023 - 07:00am to 11:00am MST
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Thu, Dec 28, 2023 - 09:00am to 01:00pm MST
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Thu, Jan 04, 2024 - 11:00am to 03:00pm MST
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Mon, Jan 15, 2024 - 01:00pm to 05:00pm MST
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Fri, Jan 26, 2024 - 07:00am to 11:00am MST
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Wed, Feb 07, 2024 - 09:00am to 01:00pm MST
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Sat, Feb 17, 2024 - 11:00am to 03:00pm MST
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Tue, Feb 27, 2024 - 01:00pm to 05:00pm MST
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Sat, Mar 02, 2024 - 07:00am to 11:00am MST
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Tue, Mar 12, 2024 - 09:00am to 01:00pm MDT
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Mon, Mar 25, 2024 - 11:00am to 03:00pm MDT
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Thu, Apr 04, 2024 - 01:00pm to 05:00pm MDT
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Tue, Apr 16, 2024 - 05:00pm to 09:00pm MDT
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Thu, Apr 25, 2024 - 09:00am to 01:00pm MDT
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Additional Info
Basic Course Information
Prerequisites Basic working knowledge of partnership and S corporation taxationAdvanced Preparation
None
Designed For CPAs working in public accounting firms and/or working for partnerships or S corporation
Original Recording Date 05/2023
Yellow Book No
Course Developer Federal Tax Workshop
Date Added to Catalog 02/09/2023
Additional Information
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).Official Registry Statement Business Professionals' Network, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
Instructional Delivery Method Live Group Internet Based
Course Registration Requirements Online Registration
Refund/Cancellation Policy Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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