Webinar – IRC 1367 S Corporation Stock and Debt Basis Adjustments: New IRS Practice Unit Guidance
REGISTER
This webinar will provide tax advisers with a practical guide to making stock and debt basis adjustments for S corporations in light of recent IRS Practice Unit guidance. The panel will discuss the specific transactions and events identified by the Service in the IPU as potential issues and offer practical suggestions to allocations and basis adjustments.
Outline
- Mechanics of calculating stock basis
- Section 1367 and regulatory guidance
- Common errors in adjustments that increase or decrease stock basis
- Basis adjustments for income or losses not claimed on tax return
- Basis treatment of life insurance premiums
- Tax credits
- Certain tax credit bonds
- Debt basis rules and structuring
- Debt basis rules and calculations
- Debt transactions subject to IRS challenge and disallowance
- Reducing existing debt basis
- Substantiating debt basis
Benefits
The panel will discuss these and other important topics:
- Debt basis adjustments that may be subject to IRS challenge and disallowance
- Proper basis adjustments for “distortions” created by items such as certain tax credit bonds
- Basis adjustments required for key-man life insurance premiums and proceeds
- Basis treatment for excess depletion expenses
Faculty
Brian T. Lovett, CPA, JD
Partner
WithumSmith+Brown
Lindsey Serrate, CPA
Managing Director
True Partners Consulting
Robert W. Jamison, CPA
Professor Emeritus of Accounting
Indiana University, Kelley School of Business