December 4, 2024

Live Webcast

NYSED 4

Surgent's Mastering Basis Issues for S Corporations, Partnerships, and LLCs Webcast

December 4, 2024
Live Webcast
NYSED 4

  • Instructor

    Pamela
    Davis-Vaughn

  • Applicable coverage of any basis considerations within any recent tax legislation enacted before the presentation
  • Discuss new pass-through basis calculations required as attachments to certain individual returns
  • Excess business losses and NOLs
  • Tax Basis Capital Account Reporting Requirements
  • How §179 limitations affect basis and how the “tax-benefit” rule is applied
  • S corporations: Beware of final IRS regulations regarding “open debt” of S corporations; 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 does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary post-termination rules for eligible corporations
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how legislation cleans up the basis treatment of charitable contributions and foreign taxes paid

Learning Objectives

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

Major Topics

  • Applicable coverage of any basis considerations within any recent tax legislation enacted before the presentation
  • Discuss new pass-through basis calculations required as attachments to certain individual returns
  • Excess business losses and NOLs
  • Tax Basis Capital Account Reporting Requirements
  • How §179 limitations affect basis and how the “tax-benefit” rule is applied
  • S corporations: Beware of final IRS regulations regarding “open debt” of S corporations; 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 does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary post-termination rules for eligible corporations
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for “at-risk” under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how legislation cleans up the basis treatment of charitable contributions and foreign taxes paid

CPE Credits Available

NYSED 4
4
Taxation (NYSED) - NYSED

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Taxation (NYSED)

Prerequisites

Experience in business taxation

Advanced Preparation

Experience in business taxation

Intended Audience

Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues

Provider

Surgent McCoy CPE LLC

This event has ended.