Taxation Essentials of LLCs and Partnerships (111W457A16)
Description
Is LLC and partnership taxation something new to you? Perhaps you have
worked in this area for years but need a quick review of the fundamental
concepts? Build a foundation of knowledge or freshen up your skills.
This course addresses the tax consequences of the most common
transactions engaged in by LLCs and partnerships – from formation of the
entity to the reporting and allocation of partnership/LLC income or loss
to distributions and compensatory payments to partners or LLC members.
Develop a level of comfort with the basic conceptual framework
underlying partnership and LLC taxation, with an emphasis on explaining
the tax consequences associated with issues that are most frequently
confronted by tax practitioners.
Learning Objectives
Recognize differences among the various types of partnerships and an
LLC
Describe how partnerships and LLCs opting to be treated as partnerships
will report their federal taxable income to the IRS
Determine the tax basis of assets transferred to a partnership or LLC at
formation
Explain the tax consequences and liabilities to a partnership/LLC of
property transfers
Distinguish between distributions and compensatory payments to partners
and recognize tax consequences of each type of payment
Apply the at-risk and passive activity loss limitations to pass-through
losses from partnerships and LLCs
Major Topics
Tax structure of partnerships and LLCs Tax consequences of Partnership or LLC formation Partnership distributions Compensatory payments to partners At-risk and passive activity limits Overview of profit and loss allocations Reporting taxable income for partnerships and LLCs