Tax Fundamentals of LLCs and Partnerships

Date: November 7, 2016 Time: 10:30 am - 2:30 pm EST CPE: 4.5 Format: Webcast
EVENT DESCRIPTION

Acquire the basic skills you need to prepare income tax returns for LLCs and Partnerships. This course helps you identify the information required from the accounting system and the questions to ask of managers or business owners. This course provides participants with a foundation of tax principles and rules applicable to flow through entities under IRC section subchapter K. Topics Discussed • Formation and the Check-the-Box rules • Profit and loss allocation • Effect of liabilities • Contributions and distributions • Reporting taxable income

LEARNING OBJECTIVES
Recognize differences among the various types of partnerships and an LLC
Describe how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS
Determine the tax basis of assets transferred to a partnership or LLC at formation
Explain the tax consequences and liabilities to a partnership/LLC of property transfers
Distinguish between distributions and compensatory payments to partners and recognize tax consequences of each type of payment
Apply the at-risk and passive activity loss limitations to pass-through losses from partnerships and LLCs
MAJOR TOPICS
Tax structure of partnerships and LLCsTax consequences of partnership or LLC formationPartnership distributionsCompensatory payments to partnersOverview of profit and loss allocations
EVENT DETAILS
CPE FIELD OF STUDY
Taxes (4.5 Credits)
INSTRUCTOR(S)
Pamela Davis-Vaughn
COURSE LEVEL
Intermediate
LOCATION
Online Webcast
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