Advanced Taxation of LLCs & Partnerships

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  • Date/Time
    • Nov 30, 2021
    • Sign In: 7:45am (MT)
    • Program: 8:00am - 3:45pm (MT)
    • Add to Calendar
  • Location
    • Your Computer
      Your Space
      ISCPA Webinar, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxation (8.00)
  • Prerequisites
    • Knowledge of, and experience with, business taxation

  • Vendor
    • AICPA
  • Level
    • Advanced
  • Fields of Study
    • Taxes
  • Message
    • Virtual Experience

Description

Partnership tax law is arguably one of the most complex set of provisions in the Internal Revenue Code. To effectively serve your business and individual partner clients, you must have a good working knowledge of the Internal Revenue Code’s sophisticated partnership tax rules and regulations. 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 & 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-liquidation distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Designed For

  • Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships

Objectives

  • Allocate income, gain, loss, and deduction among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities.
  •  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.
  • Calculate the basis of partnership or LLC following distributions of multiple properties.
  • 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. 

Highlights

  • 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 

Advanced Prep

  • Download Manual

Register Now

Registration is closed. Please contact ISCPA at 208-344-6261 or email cpe@idcpa.org if you have any questions.

Leaders

Bruce Nelson

Bruce Nelson

Bruce Nelson is a CPA and a member of the American Institute of Certified Public Accountants and the Colorado Society of Certified Public Accountants, where he served on their State Tax Committee for four years. Nelson is director of Tax Policy for the Colorado Department of Revenue. He was formerly a senior tax manager with the Denver office of Ernst & Young LLP. He has published more than 20 publications in a variety of journals, including the Journal of Accountancy, Tax Executive, the Journal of Multistate Taxation, Colorado Lawyer, State Tax Notes and the Journal of State Taxation. He is a frequent speaker and has taught tax seminars for the Colorado Society of CPAs, the National Business Institute and the University of Denver. He is member of the Adjunct Faculty at Regis University where he teaches accounting and taxation.

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