Individual Tax Series

Passive Loss and At-Risk Rules (Updated - 2)

Course Overview
With the adoption of the passive loss limitation rules, taxpayers are looking to CPAs for guidance related to what deductions are allowed, disallowed, or suspended. Updating practitioners on the practical aspects of section 469, this course addresses the needed skill to handle these pragmatic issues. Fundamentals are reviewed, planning opportunities are identified, and creative strategies are discussed and evaluated along with remaining traditional approaches. The goal of this instructive course is to understand and solve client problems under section 469, with emphasis on tax savings ideas. Participants will learn to master the proper administration of these complex and often cumbersome provisions.



Learning Objectives:

After completing this course, the course participant should be able to:

  • Identify affected taxpayers, categories of income and loss and passive losses under section 469 and necessary section 469 calculation steps and specify the section 469 and section 1211 limits and the ordering and suspension of any disallowed losses.
  • Recognize a taxpayer's material participation in an activity by:
    - Identifying the material participation tests and their application to entities such as partnerships and corporations;
    - Specifying the activity grouping rules noting exempt activities;
    - Determining passive activity particularly, the treatment of rental activity as passive; and
    - Identifying "nested" activities.
  • Identify special passive loss rules and calculations by:
    - Determining alternating use effects on amount realized and adjusted basis and citing additional loss limitations outside of section 469;
    - Recognizing requirements for the special $25,000 allowance; and
    - Specifying recharacterization rules and their purpose.
  • Recognize the passive activity audit guidelines identifying audit issues, determine the real estate rental activity credit exception, and cite the at-risk limit rules as they relate to section 469.

  • Content Partner:

    SmartPros Ltd.

    SmartPros Ltd. is a leader in online and offline continuing education for
    accounting, finance and engineering professionals. With over 2,000 hours of
    content, SmartPros has been providing mandatory continuing education
    products since 1981. SmartPros provides services and content to its
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    ROM, and video. In the accounting market, SmartPros also has a predominant
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    Prerequisites/Advanced Preparation:

    General understanding of federal income taxation

    Speaker / Author:

    Danny earned his Bachelor of Arts in Political Science from the University of California at Irvine in 1969. He received his Juris Doctorate from Boalt Hall School of Law, University of California at Berkeley in 1972, at which time he began practice as a tax attorney in Southern California.

    His legal career started with the business and litigation firm of Edwards, Edwards and Ashton. Later he joined the Century City entertainment firm of Bushkin, Gaims, Gaines & Jonas working for many well-known celebrities. In 1980, Danny established the law firm of Santucci, Potter and Leanders, in Irvine, California. With increasing lecture and writing commitments, Danny went into sole practice in 1995. His practice emphasizes business taxation, real estate law and estate planning.

    Danny has been an officer and active member in various organizations including the Glendale Bar Association, Century City Bar Association, 0range County and Los Angeles County Bar Associations, California State Bar Association, Toastmasters and Lions Club. He has been admitted to practice before all California and federal courts including the United States Tax Court and the United States Supreme Court.

    Serving as a lecturer for the Continuing Education of the Bar of California, Golden Gate University, and numerous state C.P.A. societies, Danny teaches a variety of tax, business and real estate courses. Danny is in demand all across the country as a speaker for all levels of professional and civic organizations and numerous major seminar circuits.

    The author of 28 texts, Danny speaks to over 2,000 people per month and travels more than 150,000 miles annually. He is listed in “Who’s Who in Creative Real Estate” and is admitted to the American Exchangor’s Hall of Fame.

    Software & Hardware Requirements:

    • 56k or Greater Internet Connection
    • Adobe Acrobat® Reader for the .pdf files
    • Adobe® Flash® Player 9 or higher
    • Modern DHTML Compatible Browser
    • Ram: 256 MB minimum
    • Windows or Mac OS

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    Price (USD)

    Standard Rate: $49.90

    Details

    Course Code : 99SANT08-v2

    Release Date : 12/27/2018
    Expire Date : 12/27/2020
    Credits :
    CPE 2.00
    QAS 2.00

    Length : 1hr 40min
    Course Level : Overview
    Course Type : Self-Study
    Passing Grade : 70%
    Format Type : eLearning
    Mobile Compatible
    Field Of Study : Taxes

    Theme : Individual Tax Series

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