Self-Study

Surgent's Loss Limitations: A Mechanical Review

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Owners of S Corporations and partnerships are subject to various limitations on pass-through losses, each with unique rules, applications, and complexities. As many businesses are reporting losses as a result of COVID-19, it is essential for tax practitioners to understand the mechanical aspects of each limitation and how they coordinate to provide effective planning for loss utilization in future periods.

Major subjects

• Limitation 1: Basis limitations will be reviewed in detail with computational examples and include insights into similarities and differences between calculations for partnership interests and S Corporations stock
• Limitation 2: Detailed at-risk limitation computational examples will be reviewed, and the mechanical features of partnerships and S Corporations activities will be compared and contrasted
• Limitation 3: Passive loss limitation mechanics will be outlined in detail and discuss computations where there are a mix of entity structures owned by a taxpayer
• Limitation 4: Excess business losses will be presented from a mechanical perspective

Learning objectives

• Understand how the activity of an entity and distributions are handled when basis limitations exist for partnership interest and S Corporations stock
• Analyze at-risk amounts for disallowed losses and demonstrate understanding of how the amount and character of suspended amounts are determined
• Understand passive loss limitations and how character and the number of suspended losses are determined
• Analyze excess business loss limitations created by the Tax Cuts and Jobs Act of 2017 and understand the limitation calculation and resulting carryforward amounts

Who should take this program?

• Experienced practitioners who desire a refresher on loss limitations and an analysis of the new rules and less experienced practitioners who desire to learn the basics of all four pass-through loss limitations and their interactions in one course

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $49.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.