Shareholder Basis
Nick Preusch CPA, JD, LLM, is a tax manager with YHB CPAs & Consultants. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax
Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.
Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
This webinar will look and the in's and out's of basis for S Corps and partnerships. Along with the importance of properly calculating basis. We will start with S Corps and determine how to calculate the basis in an S Corp interest, along with ordering elections for properly calculating basis. Then we will look into partnerships and after determining the difference between inside and outside basis, we will look at how basis is calculated for a partnership in order to determine things like the amount of loss that is deductible or if any distributions are taxed.
Areas Covered
- Understand the importance of Basis calculations
- Calculate outside basis for a partnership
- Calculate stock and debt basis for an S Corp
- Understand the difference between inside and outside basis for partnerships
- Determine when calculating basis is necessary
Who Should Attend
- Tax preparers
Why Should You Attend
Shareholder basis is a topic the IRS is looking more intensely at. For S Corps, the IRS is not requiring Form 7203 to be filed with the shareholder’s returns to prove basis. Basis is required in order to deduct losses, make a tax free distribution, sell the stock in an S Corp or repay a shareholder loan. If practitioners are doing their due diligence, then they will need to know shareholder basis.
In addition, C Corp basis functions a little differently but is still required in order to determine gain and loss on the sale of a business (which we are seeing more people sell their businesses now)
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$200.00
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