Webcast: Partnership and LLC Core Tax Issues From Formation Through Liquidation
313 | Webcast | Intermediate | Scheduled
Description
As staff members gain more experience, they are expected to take on more complex assignments with minimal supervision. This course is designed to be a steppingstone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation. The material provides a deep life-cycle study into critical areas of formation, special allocations of income and deductions, basis calculations and implications of recourse and nonrecourse debt, basis step-up under 754 on transfers of ownership interest, distributions, self-employment tax issues, and termination and liquidations of an LLC. With a blend of legal and tax ramifications regarding LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
Designed For
Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual
Prerequisites
Knowledge and experience in business taxation
Highlights
- Reporting requirements for Schedules K-2 and K-3
- Capital account reporting requirements
- Schedule K-1 reporting for 743 adjustments
- Schedule K-1 reporting for 704 gains and losses
- Comprehensive case on partnership/partner application of the business interest deduction
- Section 704(b) basis versus tax basis for capital accounts
- Detailed rules of 704 for preventing the shifting of tax consequences among partners or members
- Unreasonable uses of the traditional and curative allocation methods
- Layers of 704(c) allocations
- Treatment of recourse versus nonrecourse debt basis
- How to calculate basis limitations and the implications on each partner's own tax return
- How 179 limitations affect partnership/LLC basis
- Regulations for handling basis step-ups under 754 elections and mandatory adjustments under 743 and 734 for partnerships that have not made a 754 election
- Subsequent contributions of property with 754 adjusted basis to another partnership or corporation
- Capital account adjustments in connection with admission of new members
- Special allocations and substantial economic effect
- LLCs and self-employment tax to members
- Distributions: current or liquidating, cash or property, and the substituted basis rule
- Termination and liquidation of an LLC
Objectives
- Prepare complicated partnership returns
- Understand certain advanced concepts of partnership taxation
Prices
- Member (Early Bird)
- $289.00
- Non-Member (Early Bird)
- $409.00
- Member
- $289.00
- Non-Member
- $409.00