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Surgent's Guide to Understanding the At-Risk Basis Rules and Forms 6198 and 7203

Friday, January 10
 1:00pm - 3:00pm

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2.00 Credits

Member Price $99.00

Non-Member Price $134.00

Overview

Many tax clients with losses from their S corporations, partnerships, and multiple-member LLCs treated as partnerships will want to use these losses to offset their other income from other sources. This program explains when, why, and how the at-risk rules apply to allow or to prevent the owner of a pass-through entity from taking a loss from a pass-through entity and using it to offset other income. This program is extremely helpful for anyone with pass-through entity clients.

Objectives

  • Understand how a client determines his or her at-risk basis in his or her pass through entity
  • Understand how the at-risk basis calculation differs from a regular basis calculation
  • Calculate the amount of an investor's annual at-risk basis
  • Understand the structure of IRS Form 6198 and how it relates to calculating a taxpayer's at-risk basis

Highlights

  • Basis and at-risk basis
  • How to calculate the amount of annual at-risk basis
  • Forms 6198 and 7203
  • When activities may be aggregated for at-risk purposes
  • Qualified nonrecourse financing

Designed For

Any tax practitioner wishing to understand the at-risk rules and how they apply to losses allocated to the owners of pass-through entities

Prerequisites

A basic understanding of the tax rules relating to partner basis and S corporation shareholder basis

Preparation

None

Notice

To access this program, log into your CTCPA account at https://www.ctcpas.org/my-cpe/upcoming and click on the orange “Launch Event” button.

Leader(s):

Leader Bios

Michael Tucker, Surgent McCoy CPE, LLC

MICHAEL J. TUCKER, CPA, MBA, J.D., LL.M., Ph.D. Mike is an employee of Surgent McCoy CPE, LLC. He authors materials and scripts for the monthly Edward Jones sponsored All Star Tax programs. Mike also writes materials for and conducts almost daily webinars on a variety of tax related topics. Mike works in the offices of T. M. Byxbee Company, CPAs, Mike’s duties at T.M. Byxbee Co. involve advising individual and business clients on a wide variety of transactional matters. Mike was formerly a professor of accounting at Quinnipiac University, in Hamden, CT, where he taught graduate and undergraduate law and tax programs. Mike received his J.D. from New York University and his LL.M. from Georgetown University Law Center. He is a CPA and received his Ph.D. from the University of Houston.

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Non-Member Price $134.00

Member Price $99.00