James R. Hamill, Ph.D., CPA
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Learn the Loss Limitation Provisions That Apply to Passthrough Entity Owners, Including the Complex Passive Loss Rules
The ability of a shareholder of an S corporation or a partner in a partnership to realize a tax benefit from losses recognized at the passthrough entity (PTE) level can be limited, in whole or in part, by three tax law restrictions:
- The taxpayer must have sufficient basis in his ownership interest in the entity to be able to claim his share of any loss.
- The taxpayer must have sufficient at-risk basis in his ownership interest to be able to claim any loss.
- The loss must be classified as nonpassive or the taxpayer must have sufficient passive income to offset a passive loss for any year other than the year of disposition of the activity that produces the loss.
Designed as a practical review for practitioners and staff with flow-through entity clients and presented by nationally recognized tax practitioner, instructor and commentator, James Hamill, CPA, Ph.D., this two-hour online CPE seminar addresses each of these restrictions in detail, including the order in which the restrictions are applied and strategies to maximize the benefits available from PTE losses. Dr. Hamill will explain why it is important to be aware of not just the specific limitation provisions, but also of what must be done to trigger a suspended loss under each of the three tax rule hurdles.
All professionals involved with passthrough entity tax compliance and planning matters will benefit from this insightful seminar. The course presentation time will include opportunities for you to ask questions directly to Dr. Hamill via email.
- Partners' basis limitations
- S shareholder basis limitations
- At-risk limitations
- Passive loss limitations
- Understand basis limitation rules for partners and S corporation shareholders
- Analyze the impact of the at-risk rules on the ability of flow-through owners to realize tax benefits
- Identify strategies to maximize the benefits available from PTE losses
Who Should Attend?
- Tax partners, managers, and staff, CPAs, enrolled agents, tax return preparers, tax attorneys, and other practitioners who prepare income tax returns and advise passthrough entity clients on tax matters.
Earn CPE Credit
- Two hours CPE credit. One free CPE certificate for one person is provided with each site registration. For "Site License" registrants, CPE certificates are available for $25 each for each additional person wishing to receive CPE credit for their participation. *NOTE: CPE credits/certificates are not available for recorded versions of seminars.
- Course Level: Intermediate
- NASBA Field of Study: Taxes
- Prerequisite: Experience with S corporation and partnership tax returns
- RTRP/EA Credits: This course has been submitted for registration with the IRS
- CFP Credits: This course has been submitted for registration with the CFP Board
- Learn More About CCH's NASBA Registration
- As our "thank you for attending" gift, firms registered for this seminar will receive a complimentary issue of CCH's Journal of Passthrough Entities in electronic format.
About the Speaker
James R. Hamill, Ph.D., CPA
Dr. Hamill is the Director of Tax Practice at Reynolds, Hix & Co., P.A., in Albuquerque, New Mexico. He is the author of more than 30 CPE courses and more than 100 articles in professional tax journals and writes a weekly column on tax issues for the Albuquerque Journal. He has lectured on structuring tax transactions throughout the country for international CPA firms, State CPA Societies, and numerous other organizations. He has developed and instructed webinars on a variety of tax topics over the past 10 years. He is a CPA in New Mexico, a past Chair of the New Mexico Society of CPAs, and has 30 years of experience in tax practice.
Comments from Attendees of Past CCH Seminars Presented by Jim Hamill
- "Dr. Hamill is extremely knowledgeable and explained the material quite thoroughly. Very worthwhile seminar."
- "James Hamill, the presenter was OUTSTANDING. Somehow found a way to make a very difficult concept very easy to understand with wonderful analogies."
- "Dr. Hamill was excellent and was well versed in the subject matter both theoretically and due to hands on experience. To me these webinars either succeed or fail based upon the presenter. CCH did well in hiring Dr. Hamill."
- "Dr. Hamill was excellent and I look forward to his future presentations. The material was extremely relevant and presented in a manner in which our entire tax department could understand and benefit from."
- "One of the best partnership training events I have ever attended - excellent examples and conceptual comments."
- "This speaker was great at making this topic very understandable. This was one of the most useful teleconferences I have listened to."
- "Dr Hamill is great! Definitely will take more seminars with him."
- "This was the best intro to 704(b) and 704(c) that I have ever participated in."
- "The instructor teaching style was excellent."
- "Dr. Hamill was a VERY good speaker. He kept my attention well."
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