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Surgent McCoy's Handbook for Mastering Basis, Distributions and Loss Limitation Issues for S-Corps, LLCs & Partnerships
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| Date |
September 29, 2010
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| Location | Quality Inn, Grand Island, NE |
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| Course Time |
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8:30 a.m. to 4:30 p.m. |
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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 focuses on the practical applications of these rules.
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| Course Highlights & Objectives |
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Applicable coverage of the tax acts of 2010 and any new legislation enacted before the presentation. LLCs and Partnerships: Determine how to calculate basis. Worksheets are included. Discuss inside vs. outside basis and optional basis adjustments. Find out how “hot assets” can change the game for distributions. Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members. Learn the difference between basis and “at risk basis” and what it means. Learn to apply the complex rules of distribution of cash vs. property and the planning strategies. Recognize how recourse, nonrecourse and qualified nonrecourse debt can create significantly different tax results. Review §754 step-up in basis rules. Review K-1s and understand the practical issues of how to determine basis. Understand the significant differences that can occur in calculating basis for an LLC vs. a partnership. S-Corps: Become aware of when you can have a taxable dividend in an S-Corporation. Beware of recent Final IRS Regulations regarding “Open Debt” of S-Corps. Determine how to calculate basis. Worksheets are included. Discuss loss limitation rules in depth. Learn how the passive loss rules can create other problems. Learn to apply the complex ordering rules and special elections that can have a big tax result. Recognize how AAA applies or does not apply to certain S-Corps. Review K-1s and understand the practical issues of how to determine basis. Understand distributions of cash and property and post-termination transition rules. Understand the effect of stock basis and debt basis and IRS’s recent focus on ‘at-risk basis’ for shareholders.
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| Who Should Attend |
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| CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. |
| Course Level | Intermediate |
| Prerequisites | None |
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| Discussion Leader | John Sherrick, Surgent McCoy, CPE LLC |
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| Additional Information: |
Parking is available on site and lunch is provided. |
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| Fee |
$230 - Society Member
$260 - Society Nonmember |
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