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Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials

Author/Moderator: Robert Ricketts, Ph.D., CPA & Larry Tunnell, Ph.D., CPA
Publisher: AICPA
Availability: Online Access
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Save when you buy the complete Tax Staff Essentials, Level 2 online bundle.

Acquire the basic skills you need to prepare income tax returns for LLCs and Partnerships. This CPE course helps you identify the information required from the accounting system and the questions to ask of managers or business owners. This CPE course provides you 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 allocations
  • Effect of liabilities
  • Contributions and distributions
  • Reporting taxable income

Learning Objectives
When you complete this course you will be able to:

  • 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.

Prerequisite: Basic knowledge of pass-through entities

Advanced Preparation: None.

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Find out more information on the Tax Section.

NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 12
Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
CPE On-Demand , 2015
Product# 157672
Availability: Online Access 1 Year
For registered users only
AICPA Member:$239.00
Your Price:$299.00
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