Advanced Taxation LLCs & Partnerships

Description

Partnership tax law is arguably one of the most complex set of provisions in the
Internal Revenue Code. To effectively serve your business and individual partner
clients, you must have a good working knowledge of the Internal Revenue Code’s
sophisticated partnership tax rules and regulations.
This course can help you to master the advanced concepts of partnership
taxation, so you can provide your clients with valuable advice and tax planning
strategies. Updated with the most recent legislation and IRS guidance affecting
Partnerships & LLCs, this course will guide you through the complicated world of
advanced partnership and LLC tax law. Some of the many concepts covered in
this course include special allocations, liquidating and non-liquidating distributions,
property basis calculations under various scenarios, and sales of a partnership
interest.

Learning Objectives

Identify how to allocate income, gains, losses, and deductions among
partner/members to reflect their agreed-upon interests properly in
partnership or LLC economic activities.
• Determine the risks taken by investors with respect to their investment in
a partnership or LLC and allocate the entity’s liabilities accordingly.
• Determine the consequences of selling a partnership or LLC interest.
• Calculate the basis of partnership or LLC following distributions of
multiple properties.
• Recognize how to plan for the effects of a distribution of multiple
properties.
• Identify how to make elections to protect partners and LLC members from
unwelcome future consequences arising from current distributions, sales,
and/or transfers of interests in the partnership.

Major Topics

Allocation of partnership and LLC income under Section 704(b)
• Allocations with respect to contributed property
• Allocation of partnership recourse liabilities under Section 752
• Allocation of partnership nonrecourse liabilities and related deductions
under Sections 752 and 704(b)
• Advanced distribution rules
• Adjustments to the basis of partnership/LLC assets
• Sale of an interest in a partnership or LLC

Provider
AICPA
Course Level
Advanced
Professional Area of Focus
Practitioners
Tax
CPE Field of Study
Auditing (Governmental)
8
Who Should Attend

Managers and partners in public
accounting who assist clients
with tax planning for closely held
LLCs and partnerships

Instructor(s)
Arthur Auerbach
Prerequisites

Basic knowledge of business
taxation

Advanced Preparation

None

Location
LIVE-ONLINE Webcast
Event Information
When
Oct 28, 2022
8:00 am - 4:00 pm EDT
Location
LIVE-ONLINE Webcast
Total CPE Credits
8
Format
Live Webcast

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$ (% off)
$295.00

NON-MEMBER


$ (% off)
$395.00
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Advanced Taxation LLCs & Partnerships


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