LLC and Partnership Taxation: Beyond the Basics (111130A-13)
Description
LLC and partnerships are based upon intricate rules and regulations. A
successful CPA must understand and be able to properly handle the
application of these rules. Learn to recognize the provisions necessary
in an LLC or partnership agreement to sustain special allocations of
income or loss. Similarly, partnerships and LLCs are subject to highly
specialized rules regarding the allocation of gain, loss, depreciation
and other tax attributes associated with contributed property. Complex
rules also apply to the allocation of recourse and non-recourse
liabilities. When a partner or LLC member decides to withdraw some or
all of his/her capital investment in the entity, the tax consequences
can be complex. Move your working knowledge of partnership and LLC
taxation beyond the basics.
Learning Objectives
Assess
the risks taken by investors with respect to their investment in a
partnership or LLC and allocate the entity's liabilities accordingly
Determine the consequences of selling a partnership or LLC interest
Adjust the basis of partnership or LLC property following distributions
of multiple properties
Allocate income, gain, loss and deduction among
partner/members to properly reflect their agreed-upon interests in
partnership or LLC economic activities
Protect cash investors from
unexpected tax costs associated with appreciated property contributed by
other partners or LLC members
Plan for the effects of a distribution
of multiple properties
Make elections to protect partners and LLC
members from unwelcome future consequences arising from current
distributions, sales and/or transfers of interests in the partnership
Major Topics
The Oins and outsO of allocations D when, why and how special
allocations are made
Allocations with respect to contributed property
Allocating partnership liabilities among partners
Environmental and
other contingent liabilities of the partnership D are payments
deductible and who gets the deduction
Avoiding unexpected gain on the
distribution of property
Adjusting basis to save future taxes
Measuring the gain or loss on the sale of an interest in a partnership
or LLC
Minimizing recognition of ordinary income on sale of an
interest
Course Level
Intermediate
CPE Field of Study
Taxes
8
Prerequisites
Completion of Taxation of LLCs, LLPs, LPs and Other Partnerships or
equivalent knowledge and experience
