Surgent's Guide to Calculating S Corporation Shareholder Stock and Loan Basis
January 17th, 2025 - January 17th, 2025 @ 9:00 AM-11:00AM
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Credits
2Description
This program discusses, in a practical way, how an S corporation shareholder calculates their stock and loan basis on Form 7203. Form 7203 is the IRS Form on which a shareholder is sometimes required to calculate their stock and loan basis. This topic is particularly important when an S corporation has a loss and the shareholders wish to know whether they are entitled to fully utilize the loss that has been allocated to them against their other income.Objectives
- Calculate an S corporation shareholder's basis in his or her S corporation shares on Form 7203
- Understand and apply the S corporation shareholder loan basis rules
Major Subjects
- Introduction to Form 7203
- Introduction to the calculation of stock basis
- Introduction to the calculation of loan basis
- Taxable and nontaxable S corporation distributions to shareholders
- The election to reduce basis by deductible losses and expenses before reducing basis by nondeductible expenses