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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Partnership/ S Corporation Basis and Distribution Issues (PSBD)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

Basis is a fundamentally important issue when dealing with pass-through entities, as it impacts the equity holder’s ability to deduct losses and/or receive distributions without a negative tax impact. As well, distributions from the different types of passthrough entities are subject to differences in treatment that can have a major impact on the tax liability of the client. This course will look at the rules on calculating basis, limitations on loss deductions (including at-risk rules), and the treatment of distributions.

DESIGNED FOR...

CPAs who advise clients holding interests in pass-through entities and the passthrough entities themselves.

OBJECTIVE

Participants will be able to:

  • Understand inside and outside basis and gain/loss issues on formation
  • Perform calculation of basis based on annual activities of the pass-through entities
  • Understand how to structure distributions to avoid unpleasant surprise tax liabilities

MAJOR SUBJECTS

  • Formation of a new S Corporation and contribution of assets in §351 tax free transactions
  • Issuance of partnership interests in exchange for property in tax free manner under §721
  • Treatment of issuance of a partnership interest for services
  • Allocation of debt to partners in a partnership, including deemed distribution provisions
  • Special partnership basis rules, including required allocations for contributed assets
  • Under §704(c) and elective adjustments when a §754 election is in place
  • Treatment of partnership and S Corporation distributions
  • At risk rules and their limits on losses

COURSE ACRONYM: PSBD

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Partnership & S Corp Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.