Don Farmer's Loss Limitations: §461(l), Basis, At-Risk & PALCoordination
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
This course provides a comprehensive framework for navigating the multiple loss limitation regimes applicable to business and investment activities. Participants will learn the correct sequencing and coordination of basis, at-risk, passive activity, and excess business loss rules. The course emphasizes compliance accuracy and planning strategies to maximize allowable losses.
Highlights
- Overview of Federal Loss Limitation Framework
- Order and Coordination of Loss Limitation Rules
- Excess Business Loss Rules Under IRC §461(l)
- Basis and At-Risk Limitations
- Passive Activity Loss (PAL) Rules
- Loss Carryforwards and Release Events
- Compliance and Reporting Considerations
Prerequisites
None
Designed For
CPAs and tax professionals involved in the world of tax.
Objectives
- Identify and apply the correct order of loss limitation rules
- Analyze §461(l) excess business loss limitations
- Coordinate basis, at-risk, and PAL restrictions
- Evaluate loss carryforward and release events
- Avoid common reporting and sequencing errors
Preparation
None
Leader(s):
Leader Bios
Nicholas Preusch
Nicholas Preusch, CPA, JD, LLM, is a tax manager with PBMares, LLP, in Fredericksburg, VA, where he works with high wealth individuals and mid- to large-size companies focusing on tax controversy and complex tax issues. In addition, Nicholas is an adjunct professor at the University of Mary Washington. Nicholas has been published in the AICPA’s Journal of Accountancy and Tax Adviser, and in CCH’s Journal of Tax Practice and Procedure. He co-authored the textbook Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. Nicholas was named one of the VSCPA’s Top 5 Under 35 in 2017. Prior to joining private practice, Nicholas started his career as an IRS Revenue Agent. He later joined the IRS Office of Professional Responsibility as an enforcement attorney. While at OPR, he was the lead attorney on several milestone cases such as Gass and Pezzo. Nicholas is a graduate of Carthage College, degree in Accounting and Business; he has also earned a Master of Science in Accounting from the University of Connecticut, his JD from Case Western Reserve University, and his LLM in Taxation from Georgetown University.
Non-Member Price $109
Member Price $89