Checkpoint Learning

Course Detail

Basis Calculations: S Corporations, Partnerships, LLCs  

CATEGORY: Taxation
COURSE ID: W126T, VERSION 1.00
  Webinar
2 CPE Credits
Level: Basic

Basis in the world of pass-through taxation determines the availability of losses, the taxability of distributions, and an owner's ultimate gain (or loss) on disposition. For S corporation shareholders this session will address how initial basis is determined and how basis is maintained and calculated annually. It will also discuss the restrictive rules on shareholder debt highlighting the regulations affecting open account debt. The course will analyze the "economic outlay" requirement in light of the proposed regulations under IRC Sec. 1366. A significant potential advantage for partners and LLC members is how the entity's debt may be allocated for owner basis purposes. This webinar will review outside (and at-risk) basis, including how recourse, nonrecourse and qualified nonrecourse debts are allocated to owners. It will also examine how personal guarantees and DROs (deficit restoration orders) may affect owner basis.

Instructor: Chris Province
Instructor assignments are fluid and subject to change.

NOTE: The voluntary IRS Annual Filing Season Program (AFSP) requires that CE Sponsors collect PTINs from IRS professionals who wish to receive IRS credit. IRS PTIN holders (including Enrolled Agents) should enter their IRS PTIN into Checkpoint Learning so that course completions can be reported to the IRS. You do not need to enter your PTIN for each course you take; you only need to add it once. If you have any questions on how to do this, please contact us 800-431-9025.

THIS WEBINAR IS NOT ELIGIBLE FOR CTEC CREDIT.

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