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The New IRS Form 7203: S Corp Shareholder Stock Basis, Debt Basis & More

THE NEW IRS FORM 7203: S CORP SHAREHOLDER STOCK BASIS, DEBT BASIS & MORE

Cost $25.00
Presentation Length 2.0 hours

Recorded DateMay 3, 2023
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

In the past, the IRS directed S Corp shareholders to attach informal schedules to their tax returns in order to report stock and debt basis. For the 2021 tax year, the IRS demands we attach the new Form 7203. Oddly, the new-fangled form need not be attached every time, just sometimes. 

How confident are you in answering the following questions? 


  • When must we attach new Form 7203 (and when are we spared)? 

  • What must be reported on the new form? 

  • What must we, behind the scenes, know to compute stock and debt basis? 

  • What is S Corp stock basis and how do we compute it? 

  • What is the S Corp debt basis and how do we compute it? 

  • What’s at stake and why does the IRS care so much? 

  • What are the consequences of not reporting at all or not reporting correctly? 

  • What are the wrinkles, tricks, and traps?

  • How/when do you correctly allow losses and deductions to a shareholder? 

  • How do you handle different blocks of stock?

  • How do you account for and track repayments of debt? 

  • What are the consequences of repayment of debt? 

  • Are open accounts ever treated as promissory notes? If so, when? 

  • How do prior suspended losses interplay?

  • What is §199A QBI deduction interplay?

  • What is the effect and timing of tax-exempt income (e.g., PPP loan forgiveness) on basis?

  • What do you do if starting basis numbers are unknown (or a huge historic mess)?

  • What planning is available for Form 7203?


Ian Anderson said, “Nothing is easy, though time gets you worrying, my friend.” Stop worrying and get your questions answered. Attend this session and learn how to brew up the best-tasting concoction of S Corp shareholder stock (and debt) basis.

Learning Objectives:


  • Recognize the new IRS requirement to use Form 7203 to report stock and debt basis

  • Give examples of questions surrounding the use of this new form

  • Determine how to appropriately use Form 7203 to report your clients’ stock and debt basis

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Bradley Burnett

Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
bradleyburnett10@gmail.com
(720) 936-6003

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Bradley Burnett is a practicing Colorado attorney with 33 years of experience working specifically on tax issues. His practice specializes in tax planning and tax controversy resolution. Mr. Burnett has authored and delivered more than 3,000 presentations on U.S. tax law in the U.S. and international jurisdictions.


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About Our Presenter

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Mr. Burnett has delivered more than 3,000 presentations on U.S. tax law throughout all fifty U.S. states, Washington, D.C., the Bahamas, Italy, Greece, Turkey and Canada. He has authored texts of 35 CPE courses.