NEW Form 7203: S Corp Shareholder Stock & Debt Basis Limitations

Description:

This course provides a detailed analysis of the four pages of instructions and the new Form 7203 itself, to understand how this new form is constructed, when it is required to be attached to a SHAREHOLDER'S tax return, and how to avoid some of the undesirable results that are suggested both by the form and its instructions.   Cases and rulings regarding tax basis in stock and debt will be discussed including whether/when gain on repayment of debt with a reduced tax basis necessarily has to be reported as ordinary income or is entitled to be reported as capital gain; whether/when it may be desirable to have distributions in excess of basis in stock taxable as long-term capital gain at a 0% rate,  and more! (LIVE VIDEOCONFERENCE)

Highlights:

  • When Form 7203  is required to be attached to a SHAREHOLDER'S tax return
  •  Analysis of Part I (basis in stock), Part II (basis in debt), and Part III (shareholder allowable loss and deduction items)
  • When it is advisable to generate tax basis and when it is not
  • Whether to make the Reg. 1.1367-1(g) election with respect to nondeductible expenses
  •  Whether/when it may be desirable to have distributions in excess of basis in stock taxable as long-term capital gain

 

Objectives:

Provide tax professionals with guidance on the new Form 7203 for S corp clients.

 

Prerequisites:

None

Notes:

 

Category:

TX

Credits:

3

Course Level:

Basic/Intermediate

Members

Standard Fee: $149.00

Non-Members

Standard Fee: $149.00

Register Now

Vendor:

Boston Tax Institute, Ltd.

Start:

August 30, 2022 9:00am

End:

August 30, 2022 11:30am

Check-in starts at 8:55am

Leader:

Gauthier, Lucien P.

Lucien P. Gauthier, Esq., LL.M., CPA: Boston University Collage of Business Administration (B.S. in B.A.); Boston University School of Law (Juris Doctor and Master of Laws Degrees in Taxation); George Washington National Law Center (Master of Laws); Formerly an Adjunct Assistant Profession in the Bentley College Graduate Tax Program; Tax Attorney in private practice for 50 years in the Boston area.

Designed For:

Tax preparers and advisors

No

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