Description:
This book is for preparing 2021 taxes. Enhance your tax business by expanding your knowledge of partnership and S corporation taxation. For partnerships, we cover complicated activity such as guaranteed payments, making the §754 election, changes in partner ownership and hot assets. For S corporations we cover reasonable compensation for shareholders, built-in-gains (BIG) tax and changes in shareholder ownership. For both partnerships and S corporations we cover the basics of calculating and tracking a partner’s or shareholder’s basis along with its tax impact on distributions and losses.
This e-book builds on our Basics of Business Entity Taxation e-book, by diving into items unique to partnerships and S corporations.
View Table of Contents.
Topics include:
- Calculating partner and shareholder basis
- Recognizing tax basis partner capital accounts
- Identifying when distributions to partners and shareholders are tax-free or taxable
- Determining when pass-through losses are deductible
- Summarizing the difference between guaranteed payments for partners and reasonable compensation for shareholders
- Identifying when a §754 election can be made by the partnership and who it impacts
- Identifying hot assets
- Recognizing when built-in-gains (BIG) tax applies for S corporations
- Summarizing the tax impact of changes in ownership
Product Details:
Item Number: E21366
Level: Intermediate
Authors: NATP Staff
Published: 2021
Format: Electronic PDF - 230 Pages
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