Webcast: Surgent's Understanding S Corporation Taxation: Shareholder Basis, AAA and Retained Earnings
2.0 Credits
Member Price $75.00
Non-Member Price $100.00
Overview
Even though they have been around for several years, the tax laws pertaining to S-corporations remain some of the more difficult areas of the Internal Revenue Code. Given the rising popularity of S-corporations, understanding how shareholder basis and the equity section of the balance sheet work together for tax purposes is imperative for nearly any tax practitioner. In this course, we will discuss this relationship. Using examples and illustrations, we will show how contributions, operating transactions and distributions affect shareholder basis as well as equity.
Highlights
- S corporation earnings layers
- Observations on earnings layers
- S corporation basis calculation
- IRC 351 transactions
- Four loss tiers
- Appreciated property distributions
Prerequisites
None
Designed For
CPAs and tax practitioners who work with S corporation business clients and S corporation shareholders
Objectives
- Recognize the formula for calculating S corporation shareholder basis
- Identify the items of income and deduction that are allocated to AAA, PTI, AE&P, and OAA
- Calculate the tax effects of a distribution on shareholder basis and AAA
Leader(s):
Leader Bios
David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC
David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC. He has over fifteen years of financial services experience, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Kaplan, and Surgent and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.
Non-Member Price $100.00
Member Price $75.00