The "New" Form 7203 & How to calculate Shareholder Basis (scheduled webinar)

  • Credits: 2
  •  
  • Format: Scheduled Webinar
  • Field of Study: Federal Tax Law
  • Author/Speaker: MaryJane Hourani

* Preview not available until after first air date.
*Content Preview
Available Formats:
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: Basic Understanding of Taxation
Course ID: EWTFM-T-01913-22-O | 6233-CE-0681
Published Date: © Jan 2022


COURSE DESCRIPTION

Beginning with the tax year 2021, Form 7203 - S Corporation Shareholder Stock and Debt Basis Limitation, is required to be filed with each shareholder's Individual Income Tax Return, Form 1040. This new form reports the shareholder's outside basis as well as debt basis so as to compute any loss limitations under I.R.C. §461 as well as at-risk limitations properly. This course will look at the mechanics of preparing the new Form 7203. Also discussed will be strategies of how to reconstruct shareholder basis when it has not been done in the past.

Learning Objectives:

After reading the course material, you will be able to:

  • Delineate Form 7203
  • Determine how to complete Form 7203
  • Outline strategies to reconstruct Shareholder Basis
  • Explain loss limitations of §461
  • Compare at-risk rules and limitations

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Other Tax Return Preparer (OTRP)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC