S Corp Basis Form 7203
An advanced-level course tailored to equip tax professionals with comprehensive knowledge and practical skills in understanding S Corporation Basis and efficiently completing Form 7203.
Introduction and Basis Basics
It is the S Corporation’s responsibility to track the shareholder’s basis.
Basis Basics
1120 S K1
Computing Stock Basis
S Corp non-dividend distributions in excess of basis are:
Computing Debt Basis
Debt basis includes:
Computing Debt Basis
Computing Debt Basis
Basis Adjustments
Debt basis is decreased before stock basis.
Basis Adjustments
What happens to losses excess of shareholder basis?
Form 7203
Which letter does the IRS send if they believe a shareholder reported items in excess of basis?
Form 7203- Part 1 through 3
Stock basis is increased all EXCEPT:
Comparison
Building upon the foundational concepts covered in S-Corp 101, this course delves deeper into the complexities of S Corporation taxation, with a specific focus on the critical aspect of basis calculations. By the end of this course, participants will:
Master S Corporation Basis Calculation: Gain an in-depth understanding of the intricate rules and regulations governing S Corporation basis calculations. Learn how to accurately determine a shareholder's basis in an S Corporation.
Navigate IRS Form 7203: Become proficient in completing IRS Form 7203, ensuring compliance with the IRS requirements for S Corporation shareholder basis reporting.
Identify Basis Adjustments: Learn to identify various events and transactions that can impact a shareholder's basis, including distributions, contributions, loans, and more.
Resolve Complex Basis Issues: Develop the skills to navigate and resolve complex basis issues that may arise in real-world S Corporation scenarios.
Compliance and Reporting: Ensure full compliance with IRS regulations regarding S Corporation basis reporting, including filing deadlines and documentation requirements.