On-Demand

2 CPE Credits

Surgent's Liquidation of Flow-Through Entities for LLCs and Partnerships

On-Demand
2 CPE Credits

This course is delivered as a recorded video. After completing all sessions, you must pass the final exam with a minimum score of 70% to receive credit.

Part of the technical competence of most experienced tax practitioners is the ability to advise owners of S corporations and partnerships or multiple-member LLCs treated as partnerships regarding the tax rules that apply when these entities liquidate. Entity liquidations do not occur every day; but they do occur, and often at very critical times in the business life of the entity and its owners. All tax practitioners should be able to advise their clients about the tax issues associated with client businesses that go out of existence and liquidate. This program explains the tax consequences associated with liquidating S corporations, partnerships, and multiple-member limited liability companies treated as partnerships.

Learning Objectives

  • Determine the gain or loss to the entity and to the owners when it makes a liquidating distribution
  • Determine the basis of property distributed in a liquidating distribution to an owner of the entity
  • Know what to do in terms of IRS reporting when an entity liquidates

Major Topics

  • Tax rules governing liquidation of a partnership or S corporation
  • Tax treatment of the shareholder/partner/member receiving a liquidating distribution in an S corporation liquidation/partnership liquidation
  • Tax impact on the pass-through entity when the entity is liquidated
  • Receipt of corporate liabilities in an S corporation distribution
  • Proportionate, liquidating partnership distributions to partners, and gains and losses to a partner on a liquidating partnership distribution
  • Tax issues associated with a partnership distribution of noncash properties in a liquidation
  • Compliance requirements on the occasion of a liquidation of a corporation or a partnership

CPE Credits Available

2 CPE Credits
2
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Enrolled Agent - IRS Credit Eligible
  • Individual Tax
  • Tax

Prerequisites

Basic understanding of the tax rules impacting individuals and pass-through entities

Advanced Preparation

None

Intended Audience

Any tax practitioner who wishes to understand the rules regarding S corporation and partnership liquidations

Provider

Surgent CPE

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