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Advanced Tax Strategies for LLCs and Partnerships

Author/Moderator: Robert Ricketts, Ph.D., CPA & Larry Tunnell, Ph.D., CPA
Publisher: AICPA
Availability: In Stock
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What works best for your client? In this CPE course, learn the pros and cons of the LLC, General Partnership, Limited Partnership, and Limited Liability Partnership by focusing on planning and potential tax traps. A review of distinct advantages of these entities is coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, this course explores some of the more intricate rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics.

Topics Discussed:

  • Allocation of Partnership and LLC Income Under Section 704(b)
  • Economic Effect
  • Allocations with Respect to Contributed Property: Section 704(c)(1)(A)
  • Allocation of Partnership Recourse Liabilities Under Section 752
  • Allocation of Partnership Nonrecourse Liabilities and Related Deductions Under Sections 752 and 704(b)
  • Advanced Distribution Rules
  • Adjustments to the Basis of Partnership or LLC Assets
  • Sale of an Interest in a Partnership or LLC

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

  • Identify the potential economic consequences of special allocations to a partner or LLC member
  • Identify the potential tax consequences when a partner or LLC member has a negative balance in his or her capital account
  • Analyze partnership or LLC tax returns to determine whether the necessary special allocations required under Title 26 U.S. Code of Federal Regulations (CFR) 704(c) have been made
  • Identify the potential tax consequences when a partner or LLC member makes a contribution of appreciated or depreciated property to the entity
  • Determine the effect of liabilities on the basis in the investor’s hands of property received as a distribution from a partnership or LLC
  • Distinguish between recourse and nonrecourse liabilities of a partnership or LLC
  • Recognize when to treat a liability as a recognized versus contingent liability and understand how to account for partnership or LLC contingent liabilities
  • Calculate the basis of each property received by a partner receiving multiple properties in a liquidating or non-liquidating distribution from a partnership or LLC
  • Assess when a partnership or LLC should make a Section 754 election in order to allow it to adjust the basis of its assets
  • Determine the tax consequences associated with the sale of a partner’s or member’s interest in a partnership or LLC
  • Determine the tax basis and holding period of assets owned by the partnership following a technical termination

Who Will Benefit?
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships

Prerequisite: Basic knowledge of business taxation

Advanced Preparation: None

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Videocourse Details

NASBA Field of Study: Taxes
Level: Advanced
Recommended CPE Credit: 10.5
Advanced Tax Strategies for LLCs and Partnerships
Text , 2015
Product# 745225
Availability: In Stock
AICPA Member:$169.00
Your Price:$219.00
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