As a tax professional, it's imperative to know basis rules and calculations for our clients that are shareholders and or partners in Pass-through entities. Furthermore, we must analyze how basis rules affect their individual Form 1040 tax return.
This session will provide a valuable and essential overview for Partnership and S Corporation basis issues
Learning Objectives
Upon completion of this course, participants will be able to:
Determine when and why we need basis for our clients' Pass-through entities.
Analyze Form 7203.
Examine the significance of basis
Explain who is responsible for keeping basis
Differentiate inside and outside basis
Review basis calculation for partners and shareholders.
Assess the election pursuant to Regulation 1.1367-1(g)
