Event Description

Whether you are an experienced veteran or new to the industry, one of the toughest parts of being a tax practitioner is keeping up with all of the changes in tax legislation. The Keeping Up with the Tax Code series takes a look at recent changes to tax law from a practitioner perspective. We don’t just hurl code sections at you without explanation. Using examples, problems, and plain explanations, we explore a mix of new tax issues and areas of the code that tend to be misunderstood in a practical and straight-forward way. In this session, we will explore the differences in the basis calculation between S-Corps and partnerships. We will also explore when an owner may have debt basis.

Objectives

State the differences between basis calculations for a partnership and an S-Corporation. 

Identify when debt increases basis in an S-Corporation and partnership. 

Recall the effects of PPP loan forgiveness on S-Corporation shareholder basis and partnership basis.