Advanced Taxation LLCs & Partnerships - Tax Staff Essentials

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  • Location
    • Your Space
      Your Space
      Self Study - AICPA, ID 00000
  • Credits
    • 11.00
  • Credit Type(s)
    • Taxes (Technical) (11.00)
  • Prerequisites
    • Basic knowledge of business taxation

  • Vendor
    • AICPA
  • Level
    • Advanced
  • Fields of Study
    • Taxes
  • Message
    • When & Where You Want


Learn how to respond to the needs of new and existing clients confronted with complex partnership tax issues.

Designed For

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

    • Calculate what a partner will receive in complete liquidation of their partnership interest under Title 26 U.S. Code of Federal Regulations (CFR) Section 704(b) regulations.
    • Identify the potential economic consequences of special allocations to a partner or LLC member.
    • Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
    • Identify the potential tax consequences when a partner or LLC member makes a contribution of appreciated or depreciated property to the entity.
    • Distinguish among the various methods prescribed by the regulations to make required special allocations with respect to contributed property.
    • Distinguish between recourse and nonrecourse liabilities of a partnership or LLC.
    • Calculate the basis of each property received by a partner or member receiving multiple properties in liquidating and nonliquidating distributions from a partnership or LLC.
    • Recognize which properties will receive a step up or step down in basis when multiple properties are received from a partnership or LLC.
    • Assess when a partnership or LLC should make a Section 754 election to allow it to increase or decrease the basis of its assets.
    • Analyze the sale of a partnership interest and calculate the amount of gain that must be treated as ordinary income under Section 751(a).
    • Evaluate how the installment method will affect how a partner will report gain or loss on the sale of a partnership interest.
    • Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC.


    • Allocation of partnership and LLC income under IRC Section 704(b)
    • Allocations with respect to contributed property - Section 704(c)(1)(A)
    • 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 or LLC assets
    • Sale of an interest in a partnership or LLC
    • "Hot" assets and Section 751(a)
    • Section 754 elections; Sections 734(b) and 743(b) adjustments
    • Section 708 technical termination

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