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Webinar (CalCPA): S Corporations: Distributions, Stock Basis and Loss Limitations

Description

This program is designed to fulfill the California Board of Accountancy’s four-hour ethics education requirement.

Learning Objectives

Recognize the adjustments to stock basis rules. Characterize the tax treatment of a distribution based on the ability to determine the balance in the accumulated adjustment account (AAA). Apply the loss limitation rules considering both stock and debt basis. Determine the tax consequences of distributions made in the same year that there is a loss. Identify and evaluate tax planning opportunities and strategies.

Major Topics

Details of the stock basis adjustments when an S election is effective Rules that characterize distributions to S corporation shareholders either as potential stock basis reductions or dividend income Definition of “accumulated adjustment account” (AAA) Special rule when there is a “net negative adjustment” The rule limiting losses to stock and shareholder loans to the corporation The tax complications related to using shareholder loans to the corporation to deduct losses The basis adjustment ordering rules when there are losses and distribution in the same taxable year Tax planning opportunities and strategies

Provider
California CPA Education Foundation
Course Level
Overview
CPE Field of Study
Tax
2
Who Should Attend

CPAs and attorneys.

Instructor(s)
John McWilliams
Prerequisites

Understanding the basics of taxation of individuals, corporations, S corporations and partnerships.

Advanced Preparation

None

Location
Webinar
Event Information
When
Jun 17, 2021
11:00 am - 1:00 pm MDT
Location
Webinar
Total CPE Credits
2
Format
Webinar

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Webinar (CalCPA): S Corporations: Distributions, Stock Basis and Loss Limitations


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