Source: http://surgent.com/live_desc.cfm?course=HMBI
Timestamp: 2017-01-17 21:24:26
Document Index: 400544759

Matched Legal Cases: ['§179', '§704', '§704', '§465', '§754', '§351', '§721']

HMBISURGENT'S HANDBOOK FOR MASTERING BASIS, DISTRIBUTIONS, AND LOSS LIMITATION ISSUES FOR S CORPORATIONS, LLCS, AND PARTNERSHIPS
Major Topics: Applicable coverage of recent tax acts and any new legislation
How §179 limitations affect basis and how tax-benefit rule is applied Basis implications of personal assets converted to business use
S Corporations: – Beware of recent final IRS Regulations regarding “Open Debt”; – Determine how to calculate basis; worksheets are included; – Understand the effect of stock basis and debt basis and IRS’s recent focus on ‘at-risk basis’ for shareholders; – Recognize how AAA applies or doesn’t apply to S corporations; – Learn to apply the complex basis ordering rules and special elections that can have a big tax result; – Discuss loss limitation rules in depth; – When you can have a taxable dividend in an S corporation; – Understand distributions of cash and property; – Understand the post-termination transition rules, which will be important if (when) tax changes bring the return of C corps
LLCs and Partnerships: – Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; – Learn to calculate basis under §704 & for “at-risk” under §465; – Recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; – Learn the difference between basis and “at-risk basis”; – Review §754 step-up in basis rules; – The economic effect equivalence test or “dumb-but-lucky” rule; – Learn to apply the complex rules of distribution of cash vs. property and the planning strategies
Learning Objectives: Determine initial basis and organizing tax-free under §351 and §721 Understand what affects basis and how to treat distributions Pass the four loss limitation hurdles to deduct pass-through losses Designed For: CPAs who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues. This course is a must for practitioners to help reduce and avoid this exposure to malpractice.