Record Only: Partnership and LLC Taxation: Complex Concepts Faceing Practitioners (17W447-12)
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 "ins and outs" of allocations - 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 -
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
Form 1065 checklists provided
Course Level
Intermediate
CPE Field of Study
Taxes
4
Prerequisites
Completion of Taxation Essentials of LLCs, LLPs, LPs and Other
Partnerships or equivalent knowledge and experience
