This session is taught using a Hands-On methodology. Real world examples and cases are used to demonstrate the complex income tax code and regulations to enhance the participants learning experience. Each attendee will receive the most comprehensive reference manual with numerous practice aids, real world examples, and case studies. Topics include but are not limited to: 

• Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the NEW Form 7203 – S Corporation Shareholder Stock and Debt Basis Limitations)

• Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return

• The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)

• How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners

• Compare the tax treatment of the sale of a shareholder’s stock in a S corporation and a partner’s interest in a partnership

• What constitutes debt basis for a S corporation shareholder under the final regulations

• The tax ramifications of repaying loans to S corporation shareholders and on open account debt

• How recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk

Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners

Basic understanding of individual income taxation