Basis Rules: Key Concepts for Partnerships, LLCs and S Corporations (BRLS)

Robert Lickwar, CPA, Ian Redpath, Esq., LL.M, Brian J. O’Sullivan, CPA, CVA, Michael J. Tucker, CPA, LL.M. (moderator)
  • 3
  • Intermediate
  • Taxes

3-hr. course: $89; 4-hr. course: $129
Volume Discounts:Click here for details.

Overview

This course covers the most critical issues related to calculation of basis for S corporation shareholders, partners, and multiple-member limited liability company (MMLLC) members.  The program also explains how the at-risk rules impact the owners of pass-through entities. These rules are essential for understanding how a pass-through entity is taxed and how entity distributions to owners are taxed.  The program also devotes substantial coverage to how the at-risk rules apply to partners, S corporation shareholders and MMLLC members. 

Major Topics:

  • How a partner/LLC member/S corporation shareholder initially determines his or her basis
  • Positive and negative adjustments to partner/LLC member/S corporation shareholder basis
  • The impact of entity cash and property distributions on owner basis
  • Tax treatment of non-cash property distributions  by an S corporation and partnership
  • When a partner recognizes gain or loss resulting from a partnership distribution
  • How the at-risk basis rules work 

Learning Objectives

  • Recognize how a partner/LLC member/S corporation shareholder determines basis
  • Understand the tax treatment of various entity level events and transactions that impact owner basis
  • Recognize the distinction between regular basis and at-risk basis

Any tax practitioner who wishes to understand the tax rules relating to owner basis in a pass-through entity

General background in the taxation of partnerships and S corporations

None

Yes

Yes

Varies by state. Click here for details