What works best for your client? Learn the pros and cons of the LLC,
General Partnership, Limited Partnership, and Limited Liability
Partnership by focusing on planning and potential tax traps. A review of
distinct advantages of these entities is coupled with an examination of
the risk members and partners face if they do not have a solid tax plan
to minimize their exposure. In addition, we will explore some of the
more intricate rules and regulations of these entities so you can move
your working knowledge of partnership and LLC taxation beyond the
basics. Topics Discussed Allocation of partnership and LLC income
under Section 704(b) Allocations with respect to contributed property
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/LLC assets Sale of an interest
in a partnership or LLC