Preparing New Form 7203: Calculating S Corporation Shareholders' Stock and Debt Basis
Utilizing Prior Suspended Losses, Taxing Loan Repayments, Reconstructing Basis
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide hands-on examples of reporting S corporation basis calculations on new Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations, including reporting loan repayments, stock blocks, and utilization of prior years' suspended losses. Our panel of flow-through veterans will offer tips for easing the reconstruction of beginning basis and best practices for tracking shareholders' basis.
Outline
- New Form 7203: background
- Filing requirements
- Preparing the form
- Part I – Stock Basis
- Part II – Debt Basis
- Part III - Shareholder Allowable Loss and Deduction Items
- Calculations and examples
- Loan repayments
- Utilizing prior years' suspended losses
- Other examples
- Reconstructing basis
- Best practices
Benefits
The panel will cover these and other critical issues:
- When are loan repayments treated as ordinary vs. capital income?
- Potential differences between the IRS' Form 7203 instructions and the code
- How to report the utilization of prior year losses on Form 7203
- Using stock blocks to minimize shareholders' tax
- Differences between formal and open notes
Faculty
Professor Robert W. Jamison, CPA
Professor Emeritus of Accounting
Indiana University
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His... | Read More
Mr. Jamison is Professor Emeritus of Accounting at Indiana University, Purdue University, Indianapolis (IUPUI). His principal area of specialization is S Corporations. He is the sole author of S Corporation Taxation, and co-author of Multistate Tax Guide to Pass-Through Entities, both of which are published annually by CCH, a Wolters Kluwer business. He is a regular contributor to Land Grant University Tax Education Foundation, Inc. National Income Tax Workbook and has contributed to Federal Tax Workshop. He presents advanced and update S Corporation seminars for various states' CPA societies and to other professional organizations. He is a member of the AICPA S Corporation Technical Resource Panel. He consults on S corporation and other business entity problems and has secured letter rulings from the IRS.
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Andrew Kramer, CPA
Senior Manager
Yeo & Yeo CPAs & Business Consultants
Mr. Kramer has more than 14 years of client service experience, specializing in tax planning and preparation for... | Read More
Mr. Kramer has more than 14 years of client service experience, specializing in tax planning and preparation for partnerships across all industries. His primary expertise lies in advising clients on partnership formation transactions, complex allocations of profit and loss, assisting clients in complying with evolving reporting requirements, allocations of partnership liabilities, and partner exit strategies. He also advises clients on the qualified business income deduction under Section 199A and has past experience with publicly-traded partnerships, real estate investment trust operating partnerships, and renewable energy tax credits.
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CPE credit is not available on downloads.
CPE On-Demand
