Partnerships and S Corporations: How to Calculate Basis
Wednesday, April 16, 2025
1-5 p.m. Central
4 CPE (4 technical) | 4 IRS CE
Course code: 25WA-0489
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The IRS has recently increased the pressure on how to calculate and report partner and shareholder basis. Changes in the forms reflect these developments. This program provides a detailed analysis of the calculations related to determining tax basis for a partnership interest and S corporation shareholder shares and loans. How to use the Form 1065, Schedule K-1 and Form 1120S, Schedule K-1 information for basis determination. Illustrated examples with filled in forms will demonstrate how the processes works and their many potential pitfalls.
- 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.
Major subjects
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Calculation of basis when the entity is formed, including the impact of contributed property
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How to calculate partnership tax basis capital accounts
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Explains the use of both "inside" and "outside" basis determination
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Clarifies the how partnerships and S corporations debt impacts tax basis
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Discusses how distributions affect basis
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Explains how basis is impacted by sale and/or liquidation of the partnership or S-corporation interest
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Discusses how S corporation losses impact Form 1040 Schedule E reporting
Learning objectives
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Identify the tax issues related to LLC members/partners basis from formation through operations and concluding with sale and/or liquidation
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Identify the tax issues related to S corporation owner's basis for shares and loans from formation through operations and concluding with sale and/or liquidation
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Understand potential pitfalls and planning strategies
Who should take this program?
- CPAs working in public accounting firms and/or working for partnerships or S corporation
Pricing
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$129.00
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