December 8, 2026

Live Webcast

2 CPE Credits

Don Farmer's Loss Limitations: §461(l), Basis, At-Risk & PALCoordination

December 8, 2026
Live Webcast
2 CPE Credits

Don Farmer's Loss Limitations: §461(l), Basis, At-Risk & PALCoordination

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    Instructor

    Nick
    Preusch

    View Bio

    Nick Preusch, CPA, JD, LLM, MSA

    Bio

    Nick joined YHB in 2020 with over 15 years of experience in the industry. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with an MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility.

    EXPERTISE

    Nick’s expertise includes helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues. He has used his tax expertise not only to serve his clients, but also his peers. He has authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure and co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomas Reuters. He has also lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.

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.

Learning Objectives

1. Identify and apply the correct order of loss limitation rules 2. Analyze §461(l) excess business loss limitations 3. Coordinate basis, at-risk, and PAL restrictions 4. Evaluate loss carryforward and release events 5. Avoid common reporting and sequencing errors

Major Topics

• 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

CPE Credits Available

2 CPE Credits
2
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax; Taxation

Prerequisites

None

Advanced Preparation

None

Provider

Don Farmer Tax Education

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