Surgent's Guide to Calculating S Corporation Shareholder Stock and Loan Basis

Friday, January 17, 2025
Webcast or Webinar, Online
9:00 AM - 11:00AM (opens at 8:30 AM) EST
2Credits
Technical Business

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Course Type: Webcast
Course Code: 24/SUCSSB32
Level: Intermediate
Vendor: Surgent
Field of Study: Taxes

Overview:

This program discusses, in a practical way, how an S corporation shareholder calculates their stock and loan basis on Form 7203. Form 7203 is the IRS Form on which a shareholder is sometimes required to calculate their stock and loan basis. This topic is particularly important when an S corporation has a loss and the shareholders wish to know whether they are entitled to fully utilize the loss that has been allocated to them against their other income.

Objectives:

  • Calculate an S corporation shareholder's basis in his or her S corporation shares on Form 7203
  • Understand and apply the S corporation shareholder loan basis rules

Major Topics:

  • Introduction to Form 7203
  • Introduction to the calculation of stock basis
  • Introduction to the calculation of loan basis
  • Taxable and nontaxable S corporation distributions to shareholders
  • The election to reduce basis by deductible losses and expenses before reducing basis by nondeductible expenses

Major Topics:

  • Introduction to Form 7203
  • Introduction to the calculation of stock basis
  • Introduction to the calculation of loan basis
  • Taxable and nontaxable S corporation distributions to shareholders
  • The election to reduce basis by deductible losses and expenses before reducing basis by nondeductible expenses

Designed For:

Any tax practitioner with S corporations or S corporation shareholders as clients

Prerequisites:

Basic understanding of tax rules relating to S corporations and S corporation shareholders