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Basis Calculations & Distributions for Pass-Thru Entity Owners - Schedule K-1 Analysis


Total Credits: 8 including 8 Taxes - Technical

Average Rating:
Not yet rated
Category:
ACPEN Tax Institute |  Tax
Faculty:
J. Patrick Garverick, CPA, MT, CFP®
Course Levels:
Intermediate
Duration:
8 Hours
License:
Access for 30 day(s) after program date.

Please Note: Programs with a ☾ insignia begin after 5pm or air on the weekend.

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. 

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 1040


Major Subjects

• Detailed coverage of any new legislation (i.e., Tax Cuts & Jobs Act) affecting basis computations and distributions and changes to the schedule K-1s

• 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

Faculty

J. Patrick Garverick, CPA, MT, CFP® Related seminars and products: 6


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

Thu, Aug 29, 2019 - 02:00p to 09:40p CDT
Wed, Sep 11, 2019 - 10:00a to 05:40p CDT
Wed, Sep 25, 2019 - 11:00a to 06:40p CDT
Tue, Oct 08, 2019 - 01:00p to 08:40p CDT
Fri, Oct 25, 2019 - 09:00a to 04:40p CDT
Sat, Nov 02, 2019 - 09:00a to 04:40p CDT
Mon, Nov 11, 2019 - 09:00a to 04:40p CST
Mon, Dec 02, 2019 - 10:00a to 05:40p CST
Sat, Dec 21, 2019 - 11:00a to 06:40p CST
Fri, Jan 10, 2020 - 09:00a to 04:40p CST
Thu, Jan 23, 2020 - 03:00p to 10:40p CST
Mon, Feb 03, 2020 - 10:00a to 05:40p CST
Tue, Feb 18, 2020 - 11:00a to 06:40p CST

Additional Info

Basic Course Information

Advanced Preparation None
Course Developer J. Patrick Garverick
Date Added to Catalog 07/22/2019
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
Prerequisites Basic understanding of individual income taxation
Yellow Book No

Additional Information

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.
Complaint Resolution Policy Please contact Anne Taylor for any complaints. anne.taylor@acpen.com, (972-377-8199).
Instructional Delivery Method Group Internet Based
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

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