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Surgent's Mastering Basis Issues for S Corps, Partnerships and LLCs


(Check-In 7:30am)

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Fairmont Hot Springs Resort

1500 Fairmont Rd
Fairmont, MT 59711

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4.00 Credits

Member Price $175.00

Non-Member Price $200.00


The most difficult concepts to master when dealing with flow-through business entities are the basis and distribution concepts.  Major error and malpractice issues occur if the CPA does not fully understand the impact of these rules.  This course is designed to focus on the practipal applications of these rules.


  • Applicable coverage of any basis considerations within any recent tax legislative enacted before the presentation
  • Discuss new pass-through basis calculations required as attachments to certain individual returns
  • Excess business losses and NOLs
  • Tax Basis Capital Account Reporting Requirements
  • How §179 limitations affect basis and how the "tax-benefit" rule is applied
  • S corporations: Beware of final IRS regulations regarding "open debt" of S corporations; understand the effect of stock basis and debt basis and IRS's recent focus on "at-risk basis" for shareholders; recognize how AAA applies or does not apply to certain S corporations; learn to apply the complex ordering rules and special elections that can have a big tax result; become aware of when you can have a taxable dividend in an S corporation; understand distributions of cash and property and post-termination transition rules, and temporary post-termination rules for eligible corporations
  • LLCs and partnerships: Learn the detailed rules of §704 for preventing the shifting of tax consequences among partners or members; determine how to calculate basis under both §704 and for "at-risk" under §465; recognize how recourse, nonrecourse, and qualified nonrecourse debt can create significantly different tax results; review §754 step-up in basis rules; and learn how legislation cleans up the basis treatment of charitable contributions and foreign taxes paid


Experience in business taxation

Designed For

Accounting and Financial Professionals who prepare both individual and flow-through business entity tax returns and need a thorough grasp of these significant issues


After attending this presentation you will be able to:

  • Determine initial basis and organizing tax-free under §351 and §721
  • Discuss what affects basis and how to treat distributions
  • Pass the loss limitation hurdles to deduct pass-through losses




Leader Bios

Don Cochran, Nichols Patrick CPE Inc

Don Cochran, JD, CPA, CFP®, CRC® has twenty-nine years experience as a lawyer and CPA adding financial planning in 2008 and retirement planning to his areas of expertise in 2008. He has developed and presented seminars and training for financial professionals and the public, including technical presentations on recent tax law changes and advanced planning techniques for wealthy individuals and closely held businesses. Don is a member of the Minnesota and Iowa State Bar Associations, the Minnesota Society of Certified Public Accountants.

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Non-Member Price $200.00

Member Price $175.00