Description:
This book is for preparing 2024 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. 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
- Outline when a §754 election is appropriate and calculate and report basis adjustments necessary
- Summarizing the rules for partnership allocations of income and loss
- Calculating and reporting the BIG tax for a C corporation that becomes an S corporation
- Analyzing the tax consequences of a change in partners or shareholders
Product Details:
Item Number: E24366
Level: Intermediate
Authors: NATP Staff
Published: 2024
Format: Electronic PDF - 248 pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding 2024 course.
Purchase Info:
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