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Loss Limitation School - On the Front Lines in the Trenches
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| Date |
November 22, 2010
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| Location | Mahoney State Park, Ashland, NE |
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| Course Time |
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8:30 a.m. to 4:30 p.m. |
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This course weaves together the basics, intricacies and interplay of and between the following loss limitation rules: At-Risk Rules; Basis Limitations - Loans / Basis schedules / Imputed Interest Implications; S-Corp Shareholders; Partnership/LLC Partners/Members. Passive Activity Losses. Regular Tax / AMT Angles and Traps. IRS in 2010 is actively and vigorously examining AT-RISK, BASIS AND PASSIVE LOSSES for partnerships, LLCs and S-Corps.
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| Course Highlights & Objectives |
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Can you confidently answer these questions? (1) Do you thoroughly and confidently understand and apply the passive activity loss rules? (2) Do you keep basis schedules? Correctly? (3) Is (or can) an LLC member "at risk?" (4) Do you thoroughly understand why and how the numbers are the way they are (and when something is wrong with) on Federal K-1 reconciliation (and related) worksheets generated by your tax preparation software? (5) Do you completely understand how to keep (and show your client how to keep) "off tax return" records to avoid disastrous passive activity and other loss limitation roadblocks? (6) What are the effects of various transactions between a closely-held entity and its owner - self charged interest - structure of loans - other self charged items - other transactions. (7) What are the special passive loss, at risk, NOL (and other) special hoops to jump through and privileges for farmers? (8) Can a loan "guarantee" ever fight its way out of a wet paper bag (generate basis or at risk)? (9) Do you truthfully understand when the At Risk rules apply and how to avoid being blindsided? (10) When should you advise clients to be a co-maker on a loan instead of a guarantor? Does it matter? Can debt sharing agreements between partners help? (11) Do your client's have debt basis previously deducted and now recaptured as income? When does it apply? What should you know about the differences for members in LLC's taxed as partnerships and S-Corporation stockholders with regard to debt recapture Income? Bonus Question: Are you on good terms with the new Federal K-1?
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| Who Should Attend |
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| CPAs and other interested persons desiring to command loss limitation rules applicable to entreprenurial businesses. |
| Course Level | Intermediate |
| Prerequisites | None |
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| Discussion Leader | Bradley P. Burnett, J.D., LL.M. |
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| Additional Information: |
Parking is available on site and lunch is provided. |
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| Fee |
$225 - Society Member
$255 - Society Nonmember |
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