Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis
Total Credits: 8 including 8 Taxes - Technical
- Average Rating:
- 19
- Categories:
- ACPEN Industry Institute | Tax | ACPEN Tax Institute | IRS Approved
- Faculty:
- J. Patrick Garverick, CPA, MT, CFP®
- Course Levels:
- Intermediate
- Duration:
- 8 Hours
- License:
- Product Setting: Expires 30 day(s) after program date.
Description
This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations.
**Please Note: If you need credit reported to the IRS for this IRS approved program, please download the IRS CE request form on the Course Materials Tab and submit to kori.herrera@acpen.com
Basic Course Information
Learning Objectives- List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC
- Calculate the stock and debt basis for S corporation shareholders
- Calculate the basis for partners and members of a LLC
- Calculate losses allowed from at-risk activities
- Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner’s Form 104
Major Subjects
- Detailed coverage of any new legislation affecting basis computations and distributions and changes to the schedule K-1s (including the NEW Form 7203 – S Corporation Shareholder Stock and Debt Basis Limitations)
- Line-by-line analysis of the Schedule K-1s to determine how the items affect a S shareholder’s stock and debt basis and a partner/member’s outside basis and where the items get reported on Federal individual income tax return
- The three loss and deduction limitations on the owner’s individual income tax return (i.e. basis, at-risk and other Form 1040 limitations)
- How cash or non-cash distributions affect the basis calculations and whether or not they are taxable to the owners
- Compare the tax treatment of the sale of a shareholder’s stock in a S corporation and a partner’s interest in a partnership
- What constitutes debt basis for a S corporation shareholder under the final regulations
- The tax ramifications of repaying loans to S corporation shareholders and on open account debt
- How recourse and non-recourse debt effect a partner or member’s basis calculations and amount at-risk
Course Materials
| Important CPE Credit Instructions_READ BEFORE WEBCAST UPDATED (442.7 KB) | Available after Purchase | ||
| irs-ce-credit-request-form_2023_Basis Calculations & Distributions (156.8 KB) | Available after Purchase | ||
| Basis Calculations & Distributions for Pass-Thru Entity Owners Schedule K-1 Analysis Handout - UPDATED 11-19-24 (3 MB) | Available after Purchase | ||
| eBook - UPDATED 11-19-24 (3.9 MB) | Available after Purchase | ||
Faculty
J. Patrick Garverick, CPA, MT, CFP® Related Seminars and Products
Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.
In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants, and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.
During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.
Dates
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Fri, Dec 27, 2024 - 09:00am to 04:39pm CST
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Thu, Jan 09, 2025 - 09:00am to 04:39pm CST
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Tue, Feb 04, 2025 - 09:00am to 04:39pm CST
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Additional Info
Basic Course Information
Prerequisites Basic understanding of individual income taxationAdvanced Preparation None
Designed For Tax professionals that need an in-depth training course on basis calculations and distributions rules for S-Corporations, partnerships, LLCs and their owners
Original Recording Date 08/2023
Course Developer The Tax U
Date Added to Catalog 08/26/2023
Yellow Book No
Additional Information
Complaint Resolution PolicyPlease contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Official Registry Statement
Business Professionals' Network, Inc. is 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
Instructional Delivery Method
Group Internet Based
Course Registration Requirements
Online Registration
Refund/Cancellation Policy
Please contact the ACPEN help desk 1-877-602-9877 or help@acpen.com if you wish to cancel your attendance for a previously purchased webcast and are requesting a refund or transfer.
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