Description:

This book is for preparing 2022 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.

This textbook builds on our Basics of Business Entity Taxation textbook, by diving into items unique to partnerships and S corporations.

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 an S corporation
• Analyzing the tax consequences of a change in partners or shareholders

Product Details:

Item Number: 22366

Level: Intermediate

Authors: NATP Staff

Published: 2022

Format: Print - 240 pages

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