Filing Form 7203 (Completed)
Date: Friday, June 17, 2022
Instructor: Greg White
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
New Form 7203 presents a bundle of challenges. We’ll review sample prepared Forms 7203 you can use as templates. We’ll be covering the underlying issues including, what is “open account” indebtedness and how does it get reported on Form 7203. We’ll also cover issue like the proper ordering if income and loss items to determine which suspended losses are carried over to the next year.
Topics Covered
- Reporting equity on Form 7203
- Reporting shareholder loans, include "open account" indebtedness
- Calculating and reporting the amount of loss limitations
- Sample Forms 7203 illustrating the tax principles behind shareholder loss limitations and distributions in excess of basis
Learning Objectives
- Recognize how to report income and loss items on Form 7203
- Identify the proper method for reporting shareholder loans
- Identify "open account" indebtedness and how to report it
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
