.png){kind=logo}
Instructor
Edward Zollars
Instructor
Congress has modified the audit rules for partnerships, adding additional complexity to an already complex area. This program covers allocation of basis in debt, step up in basis upon transfer, disguised sales, abandonment of partnership interest, special allocations of income and deductions, reallocation of depreciation among partners, reporting income from forgiveness of indebtedness, determining an LLC member’s self-employment income, and more. This is the program that gets participants ready to help their clients plan partnership and limited liability company transactions to minimize taxes.
• Explain entity classification differences
• Describe the tax basics related to partnerships
• Identify and address formation traps related to partnerships
• Describe and understand details of partnership distributions
• Compute partner capital accounts and calculate income allocations using different allocation methods
• Determine and apply transactions between partners and the partnership
• Calculate the gain or loss on sale or exchange of partnership interests
• Recognize hot assets
• Assist clients in avoiding technical termination
• Identify situations resulting in basis adjustments
• Calculate and allocate basis adjustments
• Recognize events that can cause partnership termination and understand tax implications
• Explain the various types of partnership examinations
• Recognize anti-abuse regulations that apply to partnerships
• Partnership and LLC tax rules
• Partnership basics
• Formation traps
• Partnership distributions
• Allocation of income and target capital accounts
• Transactions between partners and the partnership
• Transfers of partnership interest
• Partners’ basis adjustments
• Partnership termination
• Partnership examinations and centralized partnership audit regime
• Anti-abuse partnership regulations
Advanced knowledge of partnership and LLC taxation.
Practitioners who advise their clients regarding planning for partnership and/or limited liability company transactions and/or who have to review responsibility for partnership or limited liability company tax compliance. May also be suitable for public practice.