CPE Course Surgent's K-1 Boot Camp for S Corporations and LLCs (K1SL)

December 27, 2017

9:00 AM — 5:00 PM

Location Webinar

Member Price $219.00
Non-member Price $249.00

Curriculum Taxation

Field of Interest

Level Intermediate

Designed For

Experienced CPAs seeking an in-depth study of these ubiquitous tax schedules

8.00 credits

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Objective

  • Understand complicated issues of S corporation and LLC Schedule K-1 reporting issues
  • Complete a comprehensive problem related to “at-risk” recapture
  • Be familiar with common and not-so-common Schedule K-1 issues

Highlights

  • Review of COMMON AND NOT-SO-COMMON line items on Forms 1065 and 1120S Schedules K-1
  • Discuss a proposal for a yet to be developed new tax form, which calculates basis, designed to be attached to individual returns
  • Numerous examples of special allocation issues of §704, including economic effect, the “dumb-but-lucky” rule, and substantiality
  • Determining substantiality, with examples of “some help, no hurt” allocations
  • Advanced case for tracking a multitude of Schedule K-1 line items through Form 6251
  • Case study finding “At-Risk” hidden gains within Schedule K-1
  • Determining self-employment taxable income
  • Partners’ capital accounts and method of maintaining them
  • When sales of depreciable property are not reported on Form 4797
  • Practical case and examples of the proper allocation of recourse and non-recourse liabilities
  • Finding hidden gains within partnership/LLC Schedule K-1
  • Finding hidden gains within S corporation Schedule K-1
  • Practical look at what options taxpayers have if they receive a Schedule K-1 that includes an error
  • Reporting a partnership book loss with a tax gain
  • Allocating certain 1041 deductions other than pro-rata: the rules and the benefits
  • Special Form 1041 Schedule K-1 tax issues when a trust or estate terminates

Instructors

Prerequisites

Basic knowledge of federal taxation

Developer

Surgent McCoy CPE, LLC

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