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Basis, At-Risk, Passive Activity Loss, §163(j), Excess Losses (§461(I)) and NOLs (4 hours - morning) – Webcast

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4.0 Credits

Member Price $195.00

Non-Member Price $245.00

Overview

Do you desire to not be tripped up and held back by the passive activity loss, at-risk, basis, new excess business loss rule and newly revamped NOL limitation rules? This course will get you through the woods as unscathed as possible. And, how does the new 163(j) limit on business interest expense play in?

Highlights

  • What is, and is not, a trade or business? Why do we care? Why can we not afford not to care?
  • All new excess loss limit rule - What exactly is "business income" anyway?
  • Newly revamped NOL rules - Fundamental game changers
  • Which comes 1st, 2nd, 3rd, 4th and so on? Basis, 163(j), at-risk, passive, excess loss?
  • Passive activity income and loss foundations, interplay, inseparability and separability
  • Must one build her (his or its) own spreadsheet to survive it all?
  • At-risk, basis limitation and NOL limitation structure and interplay
  • How loss limit rules interact with 199A
  • At-risk rules reinvention in the courts - But IRS never really finished the rules anyway
  • Why I want to be a real estate professional when I grow up? But, am I a pretender?
  • How will software vendors respond to recent layers? a/k/a Overrides, overrides, overrides and overrides
  • The age old intricate structure, all that's new and how and why you can't ignore either
  • How all of the above affects the 3.8% net investment income tax (NIIT)

Designed For

Anyone desiring to gain an in-depth working knowledge of all of the old and new loss limitation rules.

Objectives

To instruct as to the tripling of complexity in loss limitation rules.

Leader(s):

Leader Bios

Bradley Burnett, Attorney at Law, Bradley Burnett Tax Seminars LTD

Bradley Burnett, J.D., LL.M., is a practicing Colorado tax attorney with 33 years of tax practice experience. His practice emphasis is on tax planning and tax controversy resolution. He also prepares a handful of tax returns. Prior to establishing his own law firm in 1990, he practiced tax accounting with national and local CPA firms, worked as a trust officer for a Denver bank and managed the tax department as partner in a medium-sized Denver law firm. After receiving his undergraduate degree in accounting and law degree (J.D.), he earned a Master of Laws (LL.M.) in Taxation from the University of Denver School of Law Graduate Tax Program.

Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses. Bradley served as adjunct professor at the University of Denver School of Law Graduate Tax Program, where he pioneered an employment tax course and occasionally pinch hit teaching the IRS practice and procedure topic. He has appeared on television answering tax questions for call-in viewers of Denver NBC affiliate KUSA Channel 9. Brad received the Illinois Society of CPAs Instructor Excellence Award for teaching in Chicago and five times has been the top rated, most requested instructor for CPA Society annual tax conferences. Burnett's seminar style is to deliver the subject matter in briskly paced, enthusiastic and witty fashion. His forte' is the candid communication of practical ideas relating to tax law.

(9/17/20)

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Non-Member Price $245.00

Member Price $195.00