On-Demand

8 CPE Credits

Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation

On-Demand
8 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.

As staff members gain more experience, they are expected to take on more complex assignments with minimal supervision. This course is designed to be a stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation. The material provides a deep life-cycle 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 transfers of ownership interest, distributions, self-employment tax issues, and termination and liquidations of an LLC. With a blend of legal and tax ramifications regarding LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.

Learning Objectives

  • Prepare complicated partnership returns
  • Understand certain advanced concepts of partnership taxation

Major Topics

  • Reporting requirements for Schedules K-2 and K-3
  • Capital account reporting requirements
  • Schedule K-1 reporting for §743 adjustments
  • Schedule K-1 reporting for §704 gains and losses
  • Comprehensive case on partnership/partner application of the business interest deduction
  • Section 704(b) basis versus tax basis for capital accounts
  • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional and curative allocation methods
  • Layers of §704(c) allocations
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and the implications 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 that have not made a §754 election
  • Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
  • Capital account adjustments in connection with admission of new members
  • Special allocations and substantial economic effect
  • LLCs and self-employment tax to members
  • Distributions – current or liquidating, cash or property, and the substituted basis rule
  • Termination and liquidation of an LLC

CPE Credits Available

8 CPE Credits
8
Taxes

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

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

Prerequisites

Knowledge and experience in business taxation

Advanced Preparation

None

Intended Audience

Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual

Provider

Surgent CPE

Purchase This Course

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  • COCPA Non-Member

    $ 259 259
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