Pass-Through Entities: Advanced Tax Issues

Code: PTEA

Date Friday, January 18, 2019
Time 8:30am - 4:30pm
Central Time
Location Minnesota Society of CPAs
1650 W 82nd St Ste 600
Bloomington, MN 55431-1458
Map & directions
 
CPE credits CPE 8.0
Field(s)
of study
Taxes - Technical (8.0)
Instructor Richard Bartholomew, CPA, JD
Nichols Patrick CPE, Inc.
Fees
Standard member fee $325.00
checkmarkStandard nonmember fee $375.00

Members: Please log in to receive member fee.

Description

Take your expertise to the next level and learn how to solve the complex issues of partnerships, limited liability companies (LLCs) and S Corporations. Explore the allocation of basis in debt, step-up in basis upon transfer, disguised sales, deemed distribution issues, reallocation of depreciation and more as they relate to partnership and LLC tax laws and transactions. Answer your tough S Corporation questions as you examine shareholder basis, reasonable compensation, trusts as S Corporation shareholders, C Corporation earnings and profits, special calculations when terminating or revoking elections, Qsubs and more. Plus, gain clarity on the important differences between S Corporations and partnerships.

Who should take this program?

CPAs and tax professionals who advise clients on pass-through entity transactions and tax compliance

Major subjects

  • Contributions of property in exchange for ownership interest
  • Liabilities and their effect on owners' basis
  • Back-to-back loan regulations
  • Open account debt regulations
  • Mergers, split-ups and liquidations
  • Complexities of the accumulated adjustments account (AAA)
  • Owners' distributive share -- special allocations
  • Built-in gain -- how to calculate and plan for it
  • Excess passive investment income -- what it is and isn't
  • Optional adjustments to the basis of entity property -- Sec. 754 election
  • Distributions and payments to a retiring owner
  • Impact of the net investment income tax on partnerships and S Corporations
  • Current developments -- new laws, cases and rulings

Learning objective(s)

  • Recognize tax traps unique to pass-through entities
  • Understand differences between partnerships, LLCs and S Corporations
  • Deal with common ownership changes
  • Plan for unique S Corporation, partnership and LLC transactions
  • Apply rules properly when reporting income and other items to owners
  • Properly account for tax adjustments
  • Determine reasonable compensation and guaranteed payments for self-employment or Federal Insurance Contributions Act (FICA) tax

Notes:

Course code Code PTEA
Sponsor MNCPA
NASBA ID#: 139884
Level Advanced
Format Group Live
Prerequisites Prereq. Knowledge of Subchapter K and Subchapter S recommended.
Advance
prep
None