November 30, 2018 8:00am – 3:30pm Map & Directions 602-252-4144

Partnership and LLC Core Tax Issues from Formation Through Liquidation

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

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 step above a mere preparation seminar, including a deeper 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.

Location

ASCPA Learning Center
4801 E Washington St Ste 180
Phoenix, AZ 85034-2040

Registration Time

7:30am

Fees

Member

$300

Non-CPA Staff

$400

Non-CPA Staff (100% club)

$300

Non-CPA Staff (sole proprietor)

$300

Non-Member

$400

Phoenix
Taxation
8

Objectives

 Prepare more complicated partnership returns
 Understand certain advanced concepts of partnership taxation

Course Level

Intermediate

Vendor

Surgent McCoy CPE, LLC More With This Vendor

Designed For

Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual

Prerequisites

Experience in business taxation

Highlights

 Applicable coverage of recent tax acts and any new legislation enacted before presentation
 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
 Business situations & partnerships that qualify; others that do not
 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
 Is there a "flexible standard of law" regarding closely held entities?

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