Live Stream: Partnership and LLC Core Tax Issues From Formation Through Liquidation
201 | Livestream | 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 stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation, via deeper 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 transfer of an ownership interest, distributions, self-employment tax issues, and termination/liquidation of the LLC. With the right blend of legal and tax ramifications of LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 8.00 | Taxes |
| 6.75 | CLE |
Designed For
Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems
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 and 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
Objectives
- Prepare more complicated partnership returns
- Understand certain advanced concepts of partnership taxation
Prices
- Member (Early Bird)
- $299.00
- Non-Member (Early Bird)
- $399.00
- Member
- $299.00
- Non-Member
- $399.00
Instructors
Don P. Cochran, CPA, JD, CFP, CRC
Don has practiced law in both Iowa and Minnesota for over 38 years. He is currently in solo practice of law in Apple Valley, Minnesota, focusing on tax, estate planning, and small business organization and management. He was a CPA with the Small and Emerging Business practice of then-Big 8 accounting firm, Touche Ross, in Bloomington, Minnesota, and has served as the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company's Annuity and Mutual Fund division, providing advanced planning support for financial advisors on topics of financial and estate planning for small to medium-size businesses and wealthy individuals.
Don is actively involved in continuing education and other seminars for financial professionals and accountants, on topics related to tax issues for individuals and small businesses; current financial planning and asset transfer; and preparing for and living through retirement. Don is much sought after as a presenter of CPE for seminars sponsored by state societies of CPAs, CPA firms, and other providers of continuing education for financial professionals, and is a featured speaker at several national tax conferences.
Don earned a Bachelor of Science in General Science from the University of Iowa, Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being a licensed attorney in Minnesota and Iowa, he maintains his license as a Certified Public Accountant. He has also attained the designation of Certified Financial Planner® and Certified Retirement Consultant.
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