Live Stream: Advanced Taxation Partnerships and LLCs
388 | Livestream | Advanced | Scheduled
Description
Subchapter K, which covers partnership taxation, is extensive and always subtly changing. Course materials cover all the rules and regulations, including explanations of advanced concepts, to help you effectively serve your business and individual partner clients.
This course can help you to master the advanced concepts of partnership taxation so you can provide your clients with valuable advice and tax-planning strategies. Updated with the most recent legislation and IRS guidance affecting partnerships and LLCs, this course will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
Designed For
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships
Prerequisites
Basic knowledge of business taxation
Highlights
- Allocation of partnership and LLC income under IRC Section 704(b)
- Allocations with respect to contributed property: Section 704(c)(1)(A)
- Allocation of partnership recourse liabilities under Section 752
- Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b)
- Advanced distribution rules
- Adjustments to the basis of partnership or LLC assets
- Sale of an interest in a partnership or LLC
- "Hot" assets and Section 751(a)
- Section 754 elections, Sections 734(b) and 743(b) adjustments: Section 708 technical termination
Objectives
When you complete this course, you will be able to:
- Calculate what a partner will receive in complete liquidation of their partnership interest under Section 704(b) regulations
- Identify the potential economic consequences of special allocations to a partner or LLC member
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c)
- Identify the potential tax consequences when a partner or LLC member makes a contribution of appreciated or depreciated property to the entity
- Distinguish among the various methods prescribed by the regulations to make required special allocations with respect to contributed property
- Distinguish between recourse and nonrecourse liabilities of a partnership or LLC
- Calculate the basis of each property received by a partner or member receiving multiple properties in liquidating and nonliquidating distributions from a partnership or LLC
- Recognize which properties will receive a step-up or step-down in basis when multiple properties are received from a partnership or LLC
- Assess when a partnership or LLC should make a Section 754 election to allow it to increase or decrease the basis of its assets
- Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC
Prices
- Member (Early Bird)
- $309.00
- Non-Member (Early Bird)
- $429.00
- Member
- $309.00
- Non-Member
- $429.00
Instructors
James W. Harden, Ph.D., CPA, ChFC
J. William Harden is an associate professor in the Bryan School of Business and Economics at the University of North Carolina at Greensboro where he teaches tax courses on flow-through entities and individual and corporate tax. He is currently in sole practice in High Point, N.C., focusing on taxation and financial planning for small businesses and individuals.
Dr. Harden is a published author, with more than 25 articles appearing in popular practitioner journals and publications such as Strategic Finance and Journal of Business Finance and Accounting. In 2002, he was the recipient of a Lybrand Certificate of Merit. He has also testified before the House Ways and Means Oversight Sub-Committee on Internet taxation issues.
Dr. Harden received his bachelor's degree in business administration from North Georgia College, his master of taxation from Georgia State University, and his Ph.D. from the University of Kentucky.
Back to Instructors