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Basis/Distributions for Pass-Through Entities: An IRS Hot Spot
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| Date |
November 30, 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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With the advent of the electronic matching of K-1 information with items on partners' and S-Corp shareholders' returns, the IRS is scrutinizing more closely than ever the basis owners have and the transactions in which the computation of basis is required. This course addresses the rules used to determine basis for partnerships and S-Corps and puts the computation of basis in contexts that often come under scrutiny - loss limitations, distributions and sales of an interest, among others. Learn the crucial rules for computing the adjusted basis and the tax treatment of distributions of pass-through entities such as partnerships and S-Corps. Focus on the computation of the basis and the at-risk amount for these entities. Become familiar with correct allocation of liabilities among partners, the types and amounts of income that can result from distributions and sales of interests and the basis of assets distributed from pass-through entities.
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| Course Highlights & Objectives |
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Adjusting basis in partnership assets to save future taxes. Maximizing the amount of the pass-through losses deductible by the partner/shareholder. Measuring the gain or loss on the sale of an interest in a partnership or S-Corp. Minimizing recognition of ordinary income on sale of an interest. Structuring cash and property distributions to avoid unexpected tax consequences.
Participants will be able to: (1) Adjust the basis of partnership or LLC property following certain distributions and transfers of interests in the entity. (2) Apply the basis, at-risk and passive activity loss limitations to pass-through losses from partnerships, LLCs and S-Corps. (3) Compute the basis of a partnership interest or S-Corp stockholding. (4) Determine the amount and the character of income or loss the partner or shareholder should recognize because of distributions of property or money. (5) Evaluate the tax treatment of sales of either partnership interests or S-Corp stock. |
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| Who Should Attend |
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| Large CPA firm managers and partners and other tax practitioners who advise clients concerning issues related to the computation of pass-through entity basis, loss limitations, sales of interests and distributions. |
| Course Level | Intermediate |
| Prerequisites | Experience in business taxation. |
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| Discussion Leader | Dennis Riley, AICPA |
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| Additional Information: |
Parking is available on site and lunch is provided. |
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| Fee |
$230 - Society Member
$260 - AICPA or Society Nonmember
$290 - AICPA & Society Nonmember |
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