Webinar: Partnership and LLC Core Tax Issues From Formation Through Liquidation
WS261 | Course | Intermediate | Scheduled
Description
As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to be a stepping
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
Designed For
Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-l
Prerequisites
Knowledge and experience in business taxation
Highlights
- 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
- When to use “704(b) basis” for capital accounts versus “tax basis”
- Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
- Unreasonable uses of the traditional & curative allocation methods
- Multiple layers of §704(c) allocations
- Treatment of recourse versus nonrecourse debt basis
- How to calculate basis limitations and its implication 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 who have NOT made the §754 election
- Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
- Capital account adjustments in connection with admission of new member
- Special allocations require "substantial economic effect"; what are the requirements?
- LLCs and self-employment tax to the members
- Distributions -- current or liquidating, cash or property including the substituted basis rule
- Termination/liquidation of an LLC
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Objectives
- Prepare more complicated partnership returns
- Understand certain advanced concepts of partnership taxation
Preparation
None
Notes
This webinar is provided by Surgent. After registering for the course, you will receive an email from Surgent with instructions for logging in to the webinar and obtaining your eMaterials.
You may confirm that your computer meets the minimum requirements by visiting: https://www.surgentcpe.com/webinartest/.
Prices
- Member (Early Bird)
- $279.00
- Non-Member (Early Bird)
- $279.00
- Member
- $279.00
- Non-Member
- $279.00