Calculating S Corp Stock and Debt Basis: Avoiding Loss Limitations and Excess Distributions
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax professionals and advisers with the tools and understanding to correctly calculate S corporation shareholders' stock and debt basis and advise clients to avoid adverse tax consequences due to loss limitations or excess distributions.
Outline
- Mechanics of calculating stock basis
- Items that increase stock basis
- Items that decrease stock basis
- Ordering rules
- Tracking basis against distributions to avoid current double taxation
- Preparing Form 7203
- Loss limitation rules
- Debt basis rules and calculations
- Basis strategies for end of business
Benefits
The panel will review these and other key issues:
- Calculating and maintaining accurate S corp stock and debt basis
- Understanding basis items specific to S corporations
- Applying loss limitation rules
- Preparing form Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations
- Calculating basis with a view toward sale, liquidation, or redemption
Faculty
Robert S. Barnett, JD, MS (Taxation), CPA
Partner
Capell Barnett Matalon & Schoenfeld
Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and... | Read More
Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning. His experience includes surrogate’s court practice, tax dispute resolution in both federal and state jurisdictions, and tax court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts. His articles and lectures encompass a wide variety of topics, including business succession, estate planning, generation-skipping, stock options, effective strategies for removing tax liens, proper utilization of the marital deduction and utilization of partnership elections.
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Katy Daiell, CPA, MST
Partner
Marcum
Ms. Daiell is a partner in the Firm’s Boston Office and is a member of the Firm’s Corporate Tax Services... | Read More
Ms. Daiell is a partner in the Firm’s Boston Office and is a member of the Firm’s Corporate Tax Services group. She has more than 15 years of experience working with public and private clients of varying size and complexity. Ms. Daiell has a diverse background in corporate tax, including tax compliance and planning for multi-national and multi-state corporate enterprises both publically owned and closely held as well as pass-through entity taxation and ASC 740 tax provision preparation and review. Her industry experience includes technology and life sciences, manufacturing, distribution, alternative investment and professional service firms. Ms. Daiell has worked for regional, national and international public accounting firms in the past. She received her Master’s in the Science of Taxation in 2010 from Bryant University of RI.
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Joseph R. Feehan, LL.M., J.D.
Partner
Marcum
Mr. Feehan is a State and Local Tax partner in the Firm’s Boston Office. He works with a diverse group of Marcum... | Read More
Mr. Feehan is a State and Local Tax partner in the Firm’s Boston Office. He works with a diverse group of Marcum clients to proactively identify tax planning opportunities and manage risks. Mr. Feehan advises on state income taxes impacting corporations, pass-through entities and individuals, as well as, indirect taxes such as sales and use, gross receipts, property, employment and transfer taxes.
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