Debt Basis vs Stock Basis: Back-to-Back Loans, Open-Account Debt, Guarantees & Form 7203

2 IRS CE/CTEC/NASBA CPE*

This course reviews accurate reporting, correcting, and reconstructing S corp shareholder basis. Review these and other critical basis miscalculations and how to fix them. See how incoming or exiting shareholders' accounts are handled plus basis issues when an entity closes or distributes assets. And don't forget federal and state basis differences. We'll also discuss two very common matters affecting S corp shareholder historical basis related to some prior year COVID benefits reported on the entity tax returns. These entity reporting errors may cause basis to be understated, often by substantial amounts.

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*Self-Study recording not available for NASBA CPE credit.

NASBA Field of Study: Taxes

IRS Program #: 7Q3WU-T-
CTEC Course #: 6248-CE-