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Resolving Complicated Partnership and S Corporation Activity textbook (2023)

Resolving Complicated Partnership and S Corporation Activity textbook (2023)

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Overview
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Description:

This book is for preparing 2023 taxes. This course dives into some of the more difficult but common tax issues unique to partnerships and S corporations. It covers the basics of calculating and maintaining basis in either entity using worksheets or Form 7203, S corporation Shareholder Stock and Debt Basis Limitations, and the tax impact basis has on distributions and pass-through losses. Additionally, tax professionals may expand their knowledge of partnership taxation by analyzing tax basis capital accounts, allocations of profit and loss, the §754 election, a change in partners and hot assets. As the course winds down, tax professionals will also increase their expertise in S corporations by examining reasonable compensation for shareholders, the built-in-gains (BIG) tax and changes in stock ownership.

 
Topics include:
  • Maintaining basis in a partnership and tax basis capital accounts
  • Calculating stock and debt basis in an S corporation by completing Form 7203
  • Determining whether pass-through losses are deductible or distributions are taxable
  • Recognizing guaranteed payments for partners and determining reasonable compensation for shareholders
  • Calculating and reporting basis adjustments when a §754 election has been made by the partnership
  • Summarizing the rules for partnership allocations of income and loss
  • Calculating and reporting the BIG tax for a previous C corporation that becomes an S corporation
  • Analyzing the tax consequences of a change in partners or shareholders

Product Details:

Item Number: 23366

Level: Intermediate

Authors: NATP Staff

Published: 2023

Format: Print - 248 pages


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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.

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