Partnership and LLC Core Tax Issues from Formation Through Liquidation (SMTX38)

Wednesday, July 26, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST | South Carolina Association of CPAs, Cayce

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: $314 SCACPA Members, $414 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:
    SMTX38

    Credits:
    8.00 Taxation

    Field of Study:
    Taxation

    Vendor:
    Surgent McCoy CPE, LLC

    Course Type:
    Seminars

    Level:
    Intermediate

    Prerequisite:
    Experience in business taxation

    Advanced Preparation:
    None

    Location

    1300 12th Street, Suite D, Cayce, SC, 29033

     

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