Webinar

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

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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

• Reporting requirements for Schedules K-2 and K-3
• Capital account reportingrequirements
• Schedule K-1 reporting forSection 743 adjustments
• Schedule K-1 reporting forSection 704 gains and losses
• Comprehensive case on partnership/partner application of the business interest deduction
• Section 704(b) basis versus tax basis for capital accounts
• Detailed rules of Section 704 for preventing the shifting of tax consequences among partners or members
• Unreasonable uses of the traditional and curative allocation methods
• Layers of Section 704(c) allocations
• Treatment of recourse versus nonrecourse debt basis
• How to calculate basis limitations and the implications 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 that have not made a 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 members
• Special allocations and substantial economic effect
• LLCs and self-employment tax to members
• Distributions -- current or liquidating, cash or property, and the substituted basis rule
• Termination and liquidation of an LLC

Learning objectives

• Prepare complicated partnership returns
• 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

Our records indicate you are a nonmember. If you register, you will be charged $279.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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Sept. 9, 2026 | Partnership/LLC Taxation: Tax Basis Capital Accounts | Webinar

Sept. 9, 2026 | LLC's and S Corps: A Comparative Analysis | Webinar

Sept. 14, 2026 | Partnership/LLC Taxation: Tax Basis Capital Accounts | Webinar

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Related products

Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships | Self-Study (Downloadable PDF)

Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships | Self-Study (On-Demand)

Surgent's Advanced Partnership/LLC Workshop: How to do Optional Step-Up in Basis Under Section 754 and Related Provisions | Self-Study (Downloadable PDF)

Surgent's Guide to Partner Capital Account Reporting | Self-Study (On-Demand)

Surgent's Limited Liability Companies: Losses, Liquidations, Terminations, Continuations and Sales | Self-Study (Downloadable PDF)

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