Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation (Self-Study)

Code: JSDLPLTI

Date Valid for one year from purchase date
Format Self-Study (Downloadable PDF)
CPE credits CPE 8.0
Specialty
credits
8.0 IRS CE approved
Field(s)
of study
Taxes - Technical (8.0)
Fees
Standard member fee $125.00
checkmarkStandard nonmember fee $125.00

Members: Please log in to receive member fee.

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 Section 754 on transfer of an ownership interest, distributions, self-employment tax issues, and termination/liquidation of the LLC.

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

Major subjects

  • Applicable coverage of tax reform changes
  • When to use "704(b) basis" for capital accounts versus "tax basis"
  • Detailed rules of Section 704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional & curative allocation methods
  • Multiple layers of Section 704(c) allocations
  • Business situations & partnerships that qualify; others that do not
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and its implication on each partner's own tax return
  • How Section 179 limitations affect partnership/LLC basis
  • Regulations for handling basis step-ups under Section 754 elections, and mandatory adjustments under Section 743 and Section 734 for partnerships who have NOT made the Section 754 election
  • Subsequent contributions of property with Section 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

Learning objective(s)

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

Notes:

Course code Code JSDLPLTI
Sponsor Surgent
NASBA ID#: 103212
Level Intermediate
Format Self-Study (Downloadable PDF)
Prerequisites Prereq. Experience in business taxation
Advance
prep
None