transcript   Transcript

Tax Reform Provisions Impacting Domestic Businesses and Pass-Through Entities

Recorded on: Feb. 5, 2018
Running Time: 01:14:58

Full Transcript:



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To access the streaming media of this presentation, please purchase the corresponding seminar segment.

CPE credit (NASBA QAS Self-Study) is available by completing and passing the program’s CPE Review & Exam.

Upon the successful completion of this program, the participant will be able to:
  • Recall the deduction allowed non-corporate taxpayers receiving income from pass-through business entities pursuant to Internal Revenue Code (IRC) §199A.
  • Identify some of the issues surrounding the application of the deduction allowed non-corporate taxpayers receiving income from pass-through business entities pursuant to Internal Revenue Code (IRC) §199A, including qualified trade or business (QTB) grouping questions, limitations, and the impact of losses.
  • Recognize the limitation on the deductibility of business interest imposed pursuant to Internal Revenue Code (IRC) §163(j).  

Course Overview:

This program will focus on:

  • The deduction allowed non-corporate taxpayers receiving income from pass-through business entities pursuant to Internal Revenue Code (IRC) §199A.
    • Qualified trade or business (QTB).
    • Specified service trade or business.
  • The issues surrounding the application of the deduction allowed non-corporate taxpayers receiving income from pass-through business entities pursuant to Internal Revenue Code (IRC) §199A, including qualified trade or business (QTB) grouping questions, limitations, and the impact of losses.
    • QTB grouping questions.
    • Limitations.
    • Impact of losses.
  • The limitation on the deductibility of business interest imposed pursuant to Internal Revenue Code (IRC) §163(j). 
    • Business interest.
    • Partnership level debt.

CPE Program Level: Overview

Intended Audience: CPA’s, tax accountants, tax lawyers, taxpayers, and others seeking the latest information on the implications of the Tax Cuts and Jobs Act (TCJA) with respect to the deduction allowed non-corporate taxpayers receiving income from pass-through entities pursuant to IRC §199A, and the limitation on the deductibility of business interest imposed pursuant to IRC §163(j). 

Prerequisites: A general background in the deduction allowed non-corporate taxpayers receiving income from pass-through business entities and the limitation on the deductibility of business interest imposed pursuant to the latest provisions of the Internal Revenue Code (IRC).

Advanced Preparation: None

Instructional Method: QAS Self-Study

Updated: May 2018

Credit Information: 1 CPE credit is available upon completion of this program’s 3 content-review questions and a minimum passing score of 70% on the 5-question final exam.


Taken from the Web Program The Tax Cuts and Jobs Act: Navigating the New Landscape Recorded February 2018 in New York 

Tax Reform Provisions Impacting Domestic Businesses and Pass-Through Entities [01:14:58]

  • Deduction for individuals owning qualified businesses, REITs and MLPs
  • New limitation on business losses of individuals
  • New limitation on business interest
  • Other changes impacting business

Mark A. Prater, David H. Schnabel, Eric B. Sloan, Dana L. Trier

Presentation Material

  • Tax Reform Provisions Impacting Domestic Businesses and Passthrough Entities
    Mark A. Prater, David H. Schnabel, Eric B. Sloan, Dana L. Trier
(s)
Mark A. Prater ~ Deputy Staff Director, Chief Tax Counsel, U.S. Senate Finance Committee
David H. Schnabel ~ Davis Polk & Wardwell LLP
Eric B. Sloan ~ Gibson, Dunn & Crutcher LLP
Dana L. Trier ~ Davis Polk & Wardwell LLP
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