With the advent of the electronic matching of K-1 information with items on partners’ and S corporation shareholders’ returns, the IRS is scrutinizing the basis that owners have in these entities, and the transactions in which the computation of basis is required. This course addresses the rules that are used to determine basis for partnerships and S corporations, and puts the computation of basis in the contexts that often come under scrutiny - loss limitations, distributions, and sales of an interest, among others. Learn the crucial rules for computing the adjusted basis and the tax treatment of distributions of pass-through entities such as partnerships and S corporations.