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Loss Limitations – A Mechanical Review (LLM1)

  • Format Self-Study Webcasts
  • Credits 1.00
  • Level Intermediate
  • Field of Study Taxes (1)

Overview

Owners of S corporations and partnerships are subject to various limitations on pass-through losses, each with unique rules, applications, and complexities. As many businesses are reporting losses as a result of COVID-19, it is essential for tax practitioners to understand the mechanical aspects of each limitation and how they coordinate to provide effective planning for loss utilization in future periods.



Major Topics:

  • Limitation 1: Basis limitations will be reviewed in detail with computational examples and include insights into similarities and differences between calculations for partnership interests and S corporation stock
  • Limitation 2: Detailed at-risk limitation computational examples will be reviewed, and the mechanical features of partnerships and S corporation activities will be compared and contrasted
  • Limitation 3: Passive loss limitation mechanics will be outlined in detail and discuss computations where there are a mix of entity structures owned by a taxpayer
  • Limitation 4: Excess business losses will be presented from a mechanical perspective

Learning Objectives:

  • Understand how the activity of an entity and distributions are handled when basis limitations exist for partnership interest and S corporation stock
  • Analyze at-risk amounts for disallowed losses and demonstrate understanding of how the amount and character of suspended amounts are determined
  • Understand passive loss limitations and how character and the number of suspended losses are determined
  • Analyze excess business loss limitations created by the Tax Cuts and Jobs Act of 2017 and understand the limitation calculation and resulting carryforward amounts

Who should take this course:

Experienced practitioners who desire a refresher on loss limitations and an analysis of the new rules and less experienced practitioners who desire to learn the basics of all four pass-through loss limitations and their interactions in one course

Basic familiarity with loss allowance rules of pass-through entities

None

Yes

No

No

QAS Approval Surgent
IRS Approval Surgent
CFP Approval Surgent
CTEC Approval Surgent
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