Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation
Valid for one year from purchase date
Self-study - On-Demand
8 CPE (8 technical) | 8 IRS CE
Course code: 26SS-0332
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As staff members gain more experience, they are expected to take on more complex assignments with minimal supervision. This course is designed to be a stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation. The material provides a deep 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 Section 754 on transfers of ownership interest, distributions, self-employment tax issues, and termination and liquidations of an LLC. With a blend of legal and tax ramifications regarding LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.
Major subjects
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Reporting requirements for Schedules K-2 and K-3.
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Capital account reporting requirements.
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Schedule K-1 reporting for Section 743 adjustments.
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Schedule K-1 reporting for Section 704 gains and losses.
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Comprehensive case on partnership/partner application of the business interest deduction.
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Section 704(b) basis versus tax basis for capital accounts.
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Detailed rules of Section 704 for preventing the shifting of tax consequences among partners or members.
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Unreasonable uses of the traditional and curative allocation methods.
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Layers of Section 704(c) allocations.
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Treatment of recourse versus nonrecourse debt basis.
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How to calculate basis limitations and the implications on each partner's own tax return.
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How Section 179 limitations affect partnership/LLC basis.
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Regulations for handling basis step-ups under Section 754 elections and mandatory adjustments under Section 743 and Section 734 for partnerships that have not made a Section 754 election.
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Subsequent contributions of property with Section 754 adjusted basis to another partnership or corporation.
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Capital account adjustments in connection with admission of new members.
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Special allocations and substantial economic effect.
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LLCs and self-employment tax to members.
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Distributions - current or liquidating, cash or property, and the substituted basis rule.
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Termination and liquidation of an LLC.
Learning objectives
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Prepare complicated partnership returns.
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Understand certain advanced concepts of partnership taxation.
Who should take this program?
- Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual.
Pricing
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Standard Member Fee |
$199.00
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$199.00
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