This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations. 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 participant’s 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-1sA line-by-line analysis of the Schedule K-1s to determine how the items affect an S shareholder’s stock and debt basis and a partner/member’s the outside basis and where the items get reported on Federal individual income tax returnThe 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 ownersCompare the tax treatment of the sale of a shareholder’s stock in an S corporation and a partner’s interest in a partnershipWhat constitutes debt basis for an S corporation shareholder under the final regulationsThe tax ramifications of repaying loans to S corporation shareholders and on open account debtHow recourse and non-recourse debt affect a partner or member’s basis calculations and amount at-riskJ. Patrick Garverick is one of the most admired and best-reviewed Tax Speaker in the country and we are offering the classes at a much-discounted price during the pandemic. His courses have been best-reviewed time and again For Quality of ContentFor Relevance and Practical Case studiesFor Best Teaching ApproachFor Best Course MaterialAwards and AccoladesAward for Instructor Excellence for California Education FoundationAward for Outstanding Course materials for California Education Foundation.Rated top tax instructor in nearly every location he has presented One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. After registering for this webinar you will get Free E-Book worth $200. The book would be emailed to you, a day before the webinar on your registered email address on myCPE. The book is copyright protected. Recommended for Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners.