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Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S corps, LLC and Partnerships (HMBI/23)

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Surgent’s Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for S corps, LLC and Partnerships (HMBI/23)

Member Price $280
Non-Member Price $380
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June 6 @ 9:00 am - 4:30 pm

Event Description

The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts. Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules. This course is designed to focus on the practical

Designed For

Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpra


Determine initial basis and organizing tax-free under §351 and §721      Understand what affects basis and how to treat distributions      Pass the four loss limitation hurdles to deduct pass-through losses

Major Subjects

Timely coverage of breaking tax legislation     Applicable coverage of any basis considerations within any recent tax legislation       Passthrough basis calculations required as attachments to certain individual returns      Executor’s form for disclosing basis in certain distributed property; what about the basis of a property distribution from a trust?      How §179 limitations affect basis and how tax-benefit rule is applied      Basis implications of personal assets converted to business use      How to calculate basis of inherited qualified and joint tenancy property      Tax basis capital account reporting requirements      S corporations: Beware of final IRS regulations regarding “open debt”; determine how to calculate basis; worksheets are included; understand the effect of stock basis and debt basis and IRS’s recent focus on “at-risk basis” for shareholders; recognize how AAA applies or doesn’t apply to S corporations; learn to apply the complex basis ordering rules and special elections that can have a big tax result; discuss loss limitation rules in depth; when you can have a taxable dividend in an S corporation; understand distributions of cash and property; understand the post-termination transition rules, and temporary post-termination rules for eligible corporations, which will be important for S corps returning to C corps      LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; learn to calculate basis under §704 & for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; learn the difference between basis and “at-risk basis”; review §754 step-up in basis rules; the economic effect equivalence test or “dumb-but-lucky” rule; learn to apply the complex rules of distribution of cash vs. property, and the basis treatment of charitable contributions and foreign taxes paid


Experience in business taxation


June 6
9:00 am - 4:30 pm


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