Basis Rules: Key Concepts for Partnerships, LLCs and S Corporations (BRLS)

This course covers the most critical issues related to calculation of basis for S corporation shareholders, partners, and multiple-member limited liability company (MMLLC) members.  The program also explains how the at-risk rules impact the owners of pass-through entities. These rules are essential for understanding how a pass-through entity is taxed and how entity distributions to owners are taxed.  The program also devotes substantial coverage to how the at-risk rules apply to partners, S corporation shareholders and MMLLC members. 

• How a partner/LLC member/S corporation shareholder initially determines his or her basis
• Positive and negative adjustments to partner/LLC member/S corporation shareholder basis
• The impact of entity cash and property distributions on owner basis
• Tax treatment of non-cash property distributions  by an S corporation and partnership
• When a partner recognizes gain or loss resulting from a partnership distribution
• How the at-risk basis rules work 

• Recognize how a partner/LLC member/S corporation shareholder determines basis
• Understand the tax treatment of various entity level events and transactions that impact owner basis
• Recognize the distinction between regular basis and at-risk basis