LCLL
SURGENT McCOY'S CASE STUDIES
IN THE LIFE CYCLE OF A LIMITED LIABILITY COMPANY
This course allows
participants to use one continuous sample case to apply federal tax rules
to their client's limited liability companies. The case starts with a
sole proprietor and follows the business owner through the formation decision,
LLC taxation election issues, pre-contribution appreciation in assets,
basis implications of recourse and nonrecourse debt, special allocations
of income and deductions, basis step-up under §754 on transfer of an ownership
interest, self-employment tax issues, and ends with the termination/liquidation
of the LLC. Participants will be able to understand tax saving and planning
opportunities during the entire life cycle of a typical LLC.
Major topics include:
- Complete coverage of The Small Business and Work Opportunity Tax Act of 2007
- Follow one case
study from the organization decision, through pre-contribution issues,
debt/basis rules, special allocations, step-up in basis rules, self-employment
issues and final termination/liquidation
- Comparison of
LLCs with other entity choices
- Formation issues
including §704(c) precontribution appreciated assets
- Treatment of recourse
versus non-recourse debt basis
- Understanding
"substantial economic effect" and special allocations
- Proper handling
of fringe benefits on Form 1065
- IRS guidance on
self-employment tax for partners in a partnership and members of LLCs
and LLPs
- Calculate basis
limitations and its implication on each partner's own tax return
- New regulations
for handling basis step ups under §754 elections
- Partnership distributions
- current or liquidating, cash or property
- Termination/liquidation
of an LLC
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.
Level of knowledge:
Intermediate
Field
of study: Taxes
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