Handbook for Mastering Basis, Distributions, and Loss Limitation Issues for the S Corporations, LLCs, and Partnerships

• Pennsylvania Institute of Certified Public Accountants

Description:
Practical applications of basis and distribution concepts when dealing with flow-through business entities.

Highlights:

* Applicable coverage of the Tax Acts of 2008, 2009, and any new legislation enacted before presentation
* S Corporations: Beware of final IRS regulations issued in 2008 regarding "Open Debt" of S corporations; Determine how to calculate basis (worksheets included); Review K-1s and the practical issues of how to determine basis; Understand the effect of stock basis and debt basis, and IRS's recent focus on "at-risk basis" for shareholders; Recognize how AAA applies to certain S corporations; Learn to apply complex ordering rules and special elections that can have a big tax result; Discuss loss limitation rules in depth; Discover when you can have a taxable dividend in an S corporation; Understand distributions of cash and property and post-termination transition rules; Learn how passive loss rules create other problems
* LLCs and Partnerships: Understand the significant differences that can occur in calculating basis for an LLC versus a partnership; Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; Learn the difference between basis and "at-risk basis" and what it means; Review §754 step-up in basis rules; Discuss inside versus outside basis and optional basis adjustments; Learn to apply the complex rules of distribution of cash versus property and the planning strategies; Find out how "hot assets" can change the game for distributions

Fee: $225 PICPA Members, $275 Non-Members