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Instructor : J Patrick Garverick

This comprehensive case-driven training is designed to get the accountant up to speed quickly in the area of basis calculations and distribution planning for the owners of pass-thru entities (i.e., S corporations, partnerships, and limited liability companies (LLCs)). The cornerstone of this course is the line-by-line analysis of the Schedule K-1s and how it affects the basis calculations. 

Field(s) of Study: Taxes
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    Learning Objectives

    • List the 3 main reasons for calculating a shareholder’s basis in a S corporation and partner/member’s basis in a partnership/LLC 
    • Calculate the stock and debt basis for S corporation shareholders
    • Calculate the basis for partners and members of a LLC 
    • Calculate losses allowed from at-risk activities
    • Review the Form 1120S and Form 1065 Schedule K-1s to determine how the line items affect basis calculations and get reported on the individual owner’s Form 1040

    Level

    Intermediate

    Prerequisites

    Basic understanding of individual income taxation.

    Advanced Preparation

    None

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With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the hottest tax topics and most frequently encountered issues. This case driven course will deal with both partnership/LLC and partner/member developments addressing the most common, yet complex Federal partnership/LLC issues and problems.

Field(s) of Study: Taxes
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    Learning Objectives

    • Form a partnership and calculate the partnership’s initial inside basis in the assets and partner’s outside basis in the entity
    • Understand how the schedule K items get allocated to the partners/members on their individual Schedule K-1
    • Prepare a partnership’s initial tax and §704(b) book capital accounts and understand their purpose

    Level

    Intermediate

    Prerequisites

    Background in partnership and individual income tax law

    Advanced Preparation

    None

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With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs an S corporation course focusing on the hottest tax topics and most frequently encountered issues.  This case-driven course will deal with both S corporation and shareholder developments addressing the most common, yet complex Federal S corporation issues and problems.

This class will review S corporation tax law by looking at case studies addressing issues and problems at both the S corporation and shareholder level.  Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies.  

Field(s) of Study: Taxes
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    Learning Objectives

    • Form and liquidate an S corporation and determine any tax ramifications to the corporation and shareholders
    • Calculate the corporation’s initial inside basis in the assets and shareholder’s stock and debt basis
    • Understand how the schedule K items get allocated to the shareholders on their individual Schedule K-1 and the effect on a shareholder’s stock and debt basis
    • Prepare a Schedule M-2 and determine how distributions are treated to the shareholders

    Level

    Intermediate

    Prerequisites

    Basic understanding of and experience with taxation of S Corporations

    Advanced Preparation

    None

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