Learn to recognize the provisions necessary in an LLC or partnership agreement to sustain special allocations of income or loss. Partnerships and LLCs are subject to highly specialized rules regarding the allocation of gain, loss, depreciation and other tax attributes associated with contributed property. Complex rules also apply to the allocation of recourse and non-recourse liabilities. When a partner or LLC member decides to withdraw some or all of his/her capital investment in the entity, the tax consequences can be complex. Move your working knowledge of partnership and LLC taxation beyond the basics.
Objectives:Prerequisite: Completion of the AICPA course Taxation of LLCs, LLPs, LPs and Other Partnerships or equivalent knowledge and experience
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