Instructor
Susan Smith
Instructor
Susan Smith, CPA, manages her own firm specializing in tax planning for individuals and business owners. She spent 14 years as a senior manager in the tax departments of PricewaterhouseCoopers and KPMG. While at PricewaterhouseCoopers, she also held the national specialist designation for the real estate and partnership specialized practice units. While at Peat Marwick, Susan led the real estate and tax practices locally. Susan is a frequent speaker at tax conferences and has been an associate adjunct professor at Widener University in the master's in taxation program. Her ratings have consistently exceeded 4.85 on a scale of 5.0. Since 2008, she received the James L. McCoy Discussion Leader of the Year Award for excellence in teaching five times.
This course explores the complex passive activity loss (PAL) rules under §469 with a focus on real estate activities and partnership K-1 reporting. Participants will learn how material participation, real estate professional status, grouping elections, and disposition rules affect the deductibility of losses. Practical examples demonstrate how PAL rules interact with basis, at-risk, and §461(l) limitations.
1. Distinguish passive from nonpassive activities under §469
2. Apply material participation tests and real estate professional rules
3. Analyze K-1 reporting and common PAL traps
4. Coordinate PAL rules with basis, at-risk, and excess business loss limitations
5. Identify planning opportunities to unlock suspended passive losses
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CPAs and tax professionals involved in the world of tax.