Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation

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  • Location
    • Your Space
      Your Space
      Self Study - Surgent, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Knowledge and experience in business taxation

  • Vendor
    • Surgent
  • Level
    • Intermediate
  • Fields of Study
    • Taxes
  • Message
    • When & Where You Want

Description

As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to be a stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation, via deeper life-cycle study into critical areas of formation, special allocations of income and deductions, basis calculations and implications of recourse and nonrecourse debt, basis step-up under 754 on transfer of an ownership interest, distributions, self-employment tax issues, and termination/liquidation of the LLC. With the right blend of legal and tax ramifications of LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.

Type = On-Demand Webcast

  • Qualifies for IRS CE Credit
  • Designed For

    Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-l

    Objectives

    • Prepare more complicated partnership returns
    • Understand certain advanced concepts of partnership taxation

    Highlights

    • Reporting requirements for Schedules K-2 and K-3
    • Capital account reporting requirements
    • Schedule K-1 reporting for §743 adjustments
    • Schedule K-1 reporting for §704 gains and losses
    • Comprehensive case on partnership/partner application of the business interest deduction
    • When to use “704(b) basis” for capital accounts versus “tax basis”
    • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
    • Unreasonable uses of the traditional & curative allocation methods
    • Multiple layers of §704(c) allocations
    • Treatment of recourse versus nonrecourse debt basis
    • How to calculate basis limitations and its implication on each partner’s own tax return
    • How §179 limitations affect partnership/LLC basis
    • Regulations for handling basis step-ups under §754 elections, and mandatory adjustments under §743 and §734 for partnerships who have NOT made the §754 election
    • Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
    • Capital account adjustments in connection with admission of new member
    • Special allocations require "substantial economic effect"; what are the requirements?
    • LLCs and self-employment tax to the members
    • Distributions -- current or liquidating, cash or property including the substituted basis rule
    • Termination/liquidation of an LLC

    Advanced Prep

    None

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