It Begins and Ends With Basis – How Basis Calculations Affect Partners and Shareholders


Tuesday, November 19, 2019 · 2:00 – 3:40 PM ET

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Continuing Education

CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-0135
IRS/RPO Approved Program
#7ZBUJ-T-00076-19-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00076-19-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)

Program Content

This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page.

The program, through a lively round-table discussion and real time interaction with the audience, examines the importance of basis for partners and shareholders of S corporations. The program will focus on both inside and outside basis and how basis is calculated or adjusted. Panelists will examine a partnership's basis for its assets, the separate calculation of the partners' bases for their respective partnership interests, and the optional basis adjustments that may occur on partnership distributions. In addition, the panel will examine how an S corporation calculates its basis for assets, the determination and adjustment of the shareholders' bases for their stock, and how corporate debt affects shareholder basis.

By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of how to determine the basis of a partnership in its assets, a partner's basis for an interest in the partnership, an S corporation's basis for its assets, and a shareholder's basis for S corporation stock.

Program Learning Objectives

  1. Identify the importance of basis to partnerships and their partners, and to S corporations and their shareholders.
  2. Identify how to calculate a partnership's basis for its assets and a partner's basis for an interest in a partnership.
  3. Identify the effect of partnership distributions on basis and the optional basis adjustments available to partnerships and partners.
  4. Identify how to calculate an S corporation's basis for its assets and a shareholder's basis for S corporation stock, including the effect of corporate debt on basis.

Program Outline

  • The Concept of Inside and Outside Basis
    • Why is basis important for partners and S-Corp Shareholders?
  • Partnership Basis for Assets
    • Contributions in exchange for partnership interest
    • Purchase or construction of assets
    • Optional basis adjustment on sale of partnership interest by partner
  • Partner Basis for Partnership Interest
    • Interest acquired in exchange for property contribution
    • Interest acquired in exchange for services
    • Basis adjustment for income or loss
    • Increase in partnership liabilities
  • Partnership Distributions
    • Basis effect on distribution of property contributed by partner
    • Basis of property distributed to partner
    • Optional basis adjustments
  • S-Corp Basis for Assets
    • Contributions in exchange for stock
    • Purchase or construction of assets
  • Shareholder Basis for Stock
    • Stock received for contribution of property to corporation
    • Stock received for contribution of services to corporation
    • Adjustment for income or loss
    • Effect of corporate debt on shareholder basis

Panelists

Moderator

Alan Pinck, EA
A. Pinck & Associates

Alan Pinck is an Enrolled Agent with over 25 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. He is currently a speaker at the NTPI events, CSEA Super Seminar as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.

IRS Panelists

To be coming soon

 

 

Industry Panelists

To be coming soon

 

 

Content Consultant

David F. Windish, J.D., LL.M
Content Consultant

David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.

Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.

Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.

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