Overview
This self-study webinar will review all the aspects of passive loss rules, including the general rules, definitions of activity, material participation and real property trades or business.
AGENDA HIGHLIGHTS
• Deducting passive activity losses
• Carrying forward passive activity losses
• When and how passive loss rules can be applied
• Determining activities
• Grouping activities
– Appropriate groupings
– Inappropriate groupings
– Grouping of rental with non-rental
• Activities held by flow-through entities
• Material participation: 7 Tests
• Rental activities
• Suspended losses
• Basis and at-risk: examples
– Basis calculation and answer
– At-risk calculation and answer
LEARNING OBJECTIVE To give tax professionals a thorough understanding of the passive loss rules and how to properly apply them.
PREREQUISITE Basic knowledge of federal taxation. ADVANCE PREPARATION None. PROGRAM LEVEL Intermediate.
NASBA FIELD OF STUDY Taxes. DELIVERY METHOD Self-Study.
Speakers
SPEAKER
W. Stewart Connard, CPA
Detailed Learning Objectives
• Identify what activities are considered to be passive activities in the context of partnership taxation
• Identify the rules for the deductibility of passive activity losses
• Identify those circumstances that allow a taxpayer to deduct suspended passive losses
• Identify the factors used to determine whether or not an activity or a group of activities constitutes an appropriate economic unit