Loss Limitations-Basis, At-Risk, Passive Activity 461(l) Webcast [GGPTLL]

Full Description

Becoming a Tax Ninja: Loss Limitations Basis, At-Risk, Passive Activity & 461(l) Webcast (GGPTLL)

November 16th, 2023 / 9:30 am 11:30 am Alaska Time

Live Webcast / Washington Society of CPAs Virtual Classroom

Join us for a fast-paced discussion of the four types of loss limitation rules (and more importantly, how to plan to avoid the rules). Well cover basis limitations, at-risk limitations, passive activity limitations, and the new net excess business loss limitations.

Major Topics:
- What practical strategy can be employed to eliminate distributions in excess of basis?
- What practical factor most commonly causes S corporations to make distributions in excess of basis?
- In what order to the basis, at-risk, passive activity, and section 461(l) limits apply? And why is it important.
- In what circumstances do the at-risk rules have no effect on federal taxes?
- How can you tell whether a client has qualified nonrecourse debt? And whats the significance of such debt?
- Can you group different partnerships (including LLCs) together for purposes of defining the amount at-risk?
- What important changes were made to the net business loss (section 461(l)) limits by the CARES Act and the ARP Act?
- How can you restructure debt in order to provide an S corporation shareholder additional tax basis?

Learning Objectives:
- Identify strategies to reduce distributions in excess or basis.
- Identify how disallowed net business losses are carried forward.
- Apply the recapture of losses rule under the at-risk limitations.
-Determine client situations where passive treatment is better than at-risk limitations.

Designed For: Tax and other accounting professionals.

CPE Credits: 2, Taxation

Level of Knowledge: Update

Prerequisite: None

Acronym: GGPTLL

Discussion Leader: Greg White, CPA