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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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