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Credits: 2

Qualifies For: IRS

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  • Mike and Bob make an excellent team. Their interactions make for a lively discussion about the subject matter, and their comments are helpful and interesting. I like their humor and their side comments, which make for a lively and fun class.

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Guide to Calculating S Corporation Stock Basis and Creating and Maintaining Basis Worksheets (CSSB)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

This program discusses, in a practical way, how an S corporation shareholder calculates his or her stock and loan basis. This topic is particularly important when an S corporation has a loss and the shareholders wish to know whether they are entitled to fully utilize the loss that has been allocated to them against their other income.

Major Topics:

  • How to determine S corporation shareholder stock and loan basis
  • The positive and negative basis adjustments S corporation shareholders make--and the order in which they are made
  • The election to reduce basis by deductible losses and expenses before reducing basis by nondeductible expenses
  • Shareholder loan basis rules

Learning Objectives

  • How to calculate an S corporation shareholder's basis in his or her S corporation shares
  • Understand and apply the S corporation shareholder loan basis rules

Designed for:

Any tax practitioner with S corporations or S corporation shareholders as clients

Prerequisite:

Basic understanding of tax rules relating to S corporations and S corporation shareholders

Advanced Preparation:

None

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