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Basis/Distributions for Pass-Through Entities: An IRS Hot Spot (69510A)

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REGISTRATION STATUS: OPEN

Date:Thursday, December 02, 2010
Time:8:30am - 4:30pm (Registration at 8:00am )
City:Greenville
Facility:Embassy Suites, Greenville
CPE Credit:8.00 Taxation
Instructor: Steven D. Lustig
Vendor:AICPA
Subject:Taxation
Course Level:Intermediate
Fee:$235 SCACPA Members, $310 Non-Members
Early Bird Fee:$210 SCACPA Members, $310 Non-Members through 11/11/2010
AICPA Discount:($30)
Firm Discount:($15)
Reciprocal Discount:($75)
Choice card coupons:2

Highlights:
  • Structuring cash and property distributions to avoid unexpected tax consequences
  • Adjusting basis in partnership assets to save future taxes
  • Measuring the gain or loss on the sale of an interest in a partnership or S corporation
  • Minimizing recognition of ordinary income on sale of an interest
  • Maximizing the amount of the pass-through losses deductible by the partner/shareholder

Description:
With the advent of the electronic matching of K-1 information with items on partners' and S corporation shareholders' returns, the IRS is scrutinizing the basis that owners have in these entities, and the transactions in which the computation of basis is required, more closely than ever. This course addresses the rules that are used to determine basis for partnerships and S corporations, and puts the computation of basis in the contexts that often come under scrutiny - loss limitations, distributions, and sales of an interest, among others. Learn the crucial rules for computing the adjusted basis and the tax treatment of distributions of pass-through entities such aspartnerships and S corporations. Focus on the computation of the basis and the at-risk amount for these entities. Become familiar with the correct allocation of liabilities among partners, the types and amounts of income that can result from distributions and sales of interests, and the basis of assets distributed from pass-through entities.

Objectives:
Upon completion of this course, participants will be able to: Compute the basis of a partnership interest or S corporation stockholding.
  • Determine the amount and the character of income or loss the partner or shareholder should recognize because of distributions of property or money
  • Apply the basis, at-risk, and passive activity loss limitations to pass-through losses from partnerships, LLCs, and S corporations
  • Evaluate the tax treatment of sales of either partnership interests or S corporation stock
  • Adjust the basis of partnership or LLC property following certain distributions and transfers of interests in the entity

    Who Should Attend:
    Large CPA firm managers and partners and other tax practitioners who advise clients concerning issues related to the computation of pass-through entity basis, loss limitations, sales of interests, and distributions

    Prerequisite:
    Experience in business taxation


    Note:
    Accepted for CFP, CMA, CFM and EA continuing education credit

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