IRC Section 461(l) Business Loss Limitations: Preparing Form 461, Limitation on Business Losses
Recording of a 110-minute CPE webinar with Q&A
This course will explain how to calculate losses under new Section 461(l) and report these losses on Form 461. The panel will discuss what is and is not trade or business income, capital gains and losses to include in the calculation, calculating loss carryforwards, and completing Form 461 with needed clarifications.
- Section 461(l)
- Calculating excess business losses
- Defining trade or business under 461(l)
- Capital gains and losses under 461(l)
- Carryforward calculations
- Completing Form 461
- Questions surrounding 461(l)
- Impending legislation
The panel will review these and other essential matters:
- How is excess business income calculated?
- What constitutes a trade or business under Section 461(l)?
- Which capital gains and losses are included on Form 461?
- What is reported on Lines 10 and 11 on Form 461?
Assistant Practice Director
True Partners Consulting
Mr. Carter is the Assistant Practice Director for True Partners Consulting in the Chicago office. He has over 16 years... | Read More
Mr. Carter is the Assistant Practice Director for True Partners Consulting in the Chicago office. He has over 16 years of experience advising clients on federal, state and international tax matters. Mr. Carter manages tax compliance and consulting engagements for large and mid-size corporations, S corporations and partnerships. His primary focus is on federal and international tax compliance, tax planning, accounting for income taxes (ASC 740), audit defense and tax research assistance. Mr. Carter’s experience includes consulting on M&A transactions, corporate restructurings, tax controversies and tax technology software implementations.Close
Mark Johnson, CPA
True Partners Consulting
Mr. Johnson is Manager at the Chicago office of True Partners Consulting and an Illinois CPA with seven years of... | Read More
Mr. Johnson is Manager at the Chicago office of True Partners Consulting and an Illinois CPA with seven years of experience working primarily in pass-through and individual tax compliance. His clients vary from operating companies in the healthcare and software fields, to private equity firms and their partners. Mr. Johnson’s individual tax experience includes high net-worth individuals and large families with extensive filings including individuals, trusts, foundations, and multi-purpose entities.Close
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