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


CPE Processing Fee$50.00
Webinar TranscriptionN/A
Presentation Length Hour(s)2.0 hours
CPE Credits 2.0 hours
Subject Area 2.0 - Taxes (Federal Tax Update)
CE Credits 2.0 hours
Course Id# - HURS9-U-01200-22-S
Course LevelBasic
Instructional MethodQAS Self-Study
Advance PreparationNone
Recorded DateNovember 14, 2022
Date OfferedNovember 22, 2022
Expiration DateNovember 22, 2023
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

Self-Study Course Instructions:


Download the course document(s) (below) and follow prompts contained in the document.


Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

Burnett thenewirsform7203 ss videoimage
Handout Materials
Presentation Slides
Additional Materials
Review Questions
Review Questions
QUESTION 1: 0:04:03 minutes
QUESTION 2: 0:05:19 minutes
QUESTION 3: 0:27:28 minutes
QUESTION 4: 01:14:56 minutes
QUESTION 5: 01:21:22 minutes
QUESTION 6: 01:54:42 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Bradley Burnett

Bradley Burnett Tax Seminars, Ltd.
Tax Attorney, Tax Advisor, Tax Instructor
(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.