The IRS is scrutinizing, more closely than ever, the basis owners have and the transactions for which the computation of basis is required. This course, which has been updated to include provisions of the Tax Cuts and Jobs Act of 2017, addresses the rules used to determine basis for partnerships and S Corporations, and puts the computation of basis in contexts that often come under scrutiny – loss limitations, distributions, and sales of an interest, among others.
Learn the crucial rules for computing the adjusted basis and the tax treatment of distributions from pass-through entities, such as partnerships and S Corporations. Focus on the computation of the basis and the at-risk amount for these entities. Become familiar with correct allocation of liabilities among partners, the types and amounts of income that can result from distributions and sales of interests, and the basis of assets distributed from pass-through entities.
Experience in business taxation