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This seminar will be held on OSCPA's virtual platform and will be led in real-time by a Surgent facilitator. To recreate the live experience, the speaker will keep the session engaging and interactive by using the chat feature and answering questions live.

Owners of S corporations and partnerships are subject to numerous limitations on pass-through losses, each with unique rules, applications, and complexities. With the increase in popularity of pass-through business entities, it is essential for CPAs to understand the complexities and interactions of these pass-through loss limitations. 

Major Topics

  • Tier 1: Basis limitations for S corporation shareholders and partners 
  • Tier 2: Section 465 at-risk limitations for S corporation shareholders and partners, including the impact of debt, indemnities, guarantees, and shareholder/partner agreements 
  • Tier 3: Section 469 passive loss limitations and exceptions to the limitations 
  • Tier 4: The new excess business loss limitation of the Tax Cuts and Jobs Act of 2017 (new section 461(l)) 

Learning Objectives

  • Analyze how basis in an ownership interest in a pass-through entity is established 
  • Discuss how activity of the entity, distributions, and optional adjustments increase or decrease basis 
  • Discuss when basis is "at-risk" under section 465, and the resulting loss disallowance and carryforward related to basis that is not at-risk 
  • Define passive activities under section 469 and exceptions to the passive loss rules 
  • Discuss when and how aggregation of activities should be used to avoid the passive loss rules 
  • Analyze new §461(l) created by the Tax Cuts and Jobs Act of 2017 and understand the limitation calculation and resulting carryforward 
  • Analyze the hierarchy of the loss limitations with examples of the application of the four tiers of losses and how they interact 

Designed for

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