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Enrolled Agent
Basis in an S Corporation is a critical factor to consider, as it directly affects the tax treatment of distributions and the deductibility of corporate losses on personal tax returns. To make these declarations, shareholders must use Form 7203 on individual tax returns and must file this form in most situations to report their basis in the corporation.
At its most basic level, basis is simple enough to calculate, but one can quickly get into the weeds. This course takes a straightforward approach to explain basis, how it is calculated, and how to properly fill out Form 7203.
Learning Objectives:
- Define S Corporation basis and explain how it differs from partnership basis
- Calculate increases and decreases to basis
- Report with accuracy the taxability and deductibility of shareholder distributions
- Recognize when Form 7203 is required and correctly complete the form when needed
- Summarize how to deal with shareholder loans
Jason Dinesen
Dinesen Tax & Accounting, P.C.
President
[email protected]
(515) 778-8189
Jason Dinesen is the President of Dinesen Tax & Accounting, P.C., a public accounting firm in Indianola, Iowa. His practice focuses on accounting and bookkeeping services, tax preparation and business advising to individuals with a business focus ranging from home-based businesses to multistate corporations and not-for-profits. Dinesen has extensive experience working with a third-party administrator of retirement plans and is a prior presenter of multiple 1099 seminars. Dinesen majored in corporate communications with a minor in management from Simpson College.
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