$100 – Members (with member discount code)
$125 – Non-Members
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PROGRAM DESCRIPTION: Partnership and S Corporation Basis
IRS Program: QSRNU-T-00666-24-O
This course focuses on identifying and understanding the components that are included in the calculation of S Corporation shareholder stock and debt basis and a partner’s outside basis with a view toward using interactive examples to enable the participants to calculate stock and debt basis in a variety of circumstances. A general focus here will be on the why we need to or, more accurately, must calculate shareholder basis in the first place: To preserve the single layer of taxation that is the hall mark of Subchapter S. The course moves on to focus on what gives rise to bona fide debt, within the meaning of the 2014 treasury regulations, for which a shareholder may receive debt basis. Examples will be used to demonstrate how to perform all the calculations necessary to complete Form 7203 including calculating gain on debt repayment as well as debt and stock restoration. The course provides a general overview of the basis rules for each passthrough entity. Finally, the course will use a comprehensive example to demonstrate ways in which advisors may reconstruct a shareholder’s stock or debt basis as well as a partner’s basis in her interest.
Learning Objectives:
- Identify and understand components included in the calculation of S Corporation shareholder stock and debt basis
- Identify and understand components included in the calculation of a partner's outside basis
- Understand what gives rise to bona fide debt and debt basis
- Review concepts with comprehensive examples
Participants earn up to 2.0 CE/CPE credits.
Prerequisites: Basic knowledge of federal taxation in the U.S.
Program Level: Basic/Intermediate
ABOUT THE PRESENTER
As a former senior manager, with a “big six” public accounting firm, Darryl has a vast array of experience in federal taxation of individuals, small businesses including partnerships, S corporations, closely held C corporations as well as large public companies. As a former college professor, he has an extensive background in teaching, researching, and writing about issues pertaining to the same areas of federal tax law including financial reporting and accounting for income taxes, and financial accounting, intermediate accounting, advanced accounting, financial statement analysis, and advanced corporate finance. In addition to his thirty years of tax practitioner experience and twenty years of tax and accounting teaching experience, Darryl is an Enrolled Agent (EA) and a Certified Public Accountant (CPA). Darryl’s academic pedigree includes a Bachelor of Science degree in Accountancy and a Master of Science in Taxation from Bentley College (now Bentley University); he holds a Master of Science in Accounting and a Ph.D. in Accounting and Taxation with a minor in Finance, from The University of Arizona. His vast background in both the practitioner and academic worlds permits him to deliver optimal solutions for his clients with a view toward maximizing after-tax cash flows. Darryl is an active member of the following professional organizations: NAEA, ISCPA, MSCPA, AICPA, ABA-Tax Section.
REFUND POLICY
Refunds will be honored if written notification is received at the Administrative Office within 5 business days of the webinar. A processing fee of $25 will be deducted from the refund. Cancellations within 5 business days of the webinar will not be accepted. Substitutions are allowed if received 48-hours prior to the start of the webinar. "No shows" forfeit their fees.
CANCELLATION
VASEA reserves the right to cancel any program or course for circumstances that are not under direct control of VASEA. If a course or program is cancelled, registrants will be notified via email at the address listed on their registration form.
COMPLAINT RESOLUTION
For more information regarding refund, cancellation and complaint policies, please contact VASEA Administrator at admin@vasea.org.
Questions
Contact the VASEA Administrator at admin@vasea.org
