Description:

This book is for preparing 2023 taxes. Individuals who are shareholders in an S corporation will receive a Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., reporting their share of the corporation’s pass-through items. This course explains how to report basic information from this schedule on an individual’s tax return, as well as some of the more complicated items. In addition, tax professionals will gain an understanding of specific limitations that might apply before they can report certain items such as losses, deductions, and distributions.

Topics include:

• Calculating the shareholder’s stock and debt basis in the S corporation
• Complete Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
• Determine how much of a pass-through loss is deductible after applying the basis, at-risk, passive activity loss and excess business loss limitations
• Report Schedule K-1 pass-through items on the shareholder’s individual tax return
• Analyze the tax effects when a shareholder receives distributions or loan repayments from the S corporation
  
  

Product Details:

Item Number: 23325

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 132 pages

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Corresponding CPE Courses:

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