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 textbook builds on our Basics of Business Entity Taxation textbook, 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: 21366

Level: Intermediate

Authors: NATP Staff

Published: 2021

Format: Print - 230 Pages

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