Partnership and LLC Core Tax Issues from Formation Through Liquidation (Livestream) (LITX38)

Wednesday, July 26, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST |

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 step above a mere preparation seminar, including a deeper 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.

Objectives

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

Cost

Standard Registration: $334 SCACPA Members, $434 Non-Members
Firm Discount: ($15)
Reciprocal Discount: ($100)
Bundle and Save Discount: ($20)

Major Topics

  • Applicable coverage of recent tax acts and any new legislation enacted before presentation
  • 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
  • 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 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
  • Is there a "flexible standard of law" regarding closely held entities?

DETAILS

Course Code:
LITX38

Credits:
8.00 Taxation

Field of Study:
Taxation

Vendor:
Surgent McCoy CPE, LLC

Course Type:
Live Stream

Level:
Intermediate

Prerequisite:
Experience in business taxation

Advanced Preparation:
None

 

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