Passive Activity Loss Rules for Flow-Through Entities
DISCLAIMER: THIS SEMINAR WAS FILMED IN san diego, california, ON JULY 17, 2014, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Small Business/Self-Employed operating division delivered this seminar at the 2014 IRS Nationwide Tax Forum.
This presentation includes a detailed discussion on the proper tax treatment of K-1’s flowing from a 1065, 1120S, or 1041, including: definition of each activity under IRC 469; material participation requirements; economic grouping rules under 1.469-4; implication of IRC 1411 (3.8% surtax under ACA); reporting and disclosure by the entity required on the K-1 to identify and track each activity; and proper activity-based reporting on the Form 1040. The session does not include a discussion of basis or at-risk.
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