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Self-StudySELECT STARTING AT $150

Downloadable PDF

Credits: 10

Qualifies For: IRS

$150

Textbook

Credits: 10

Qualifies For: IRS

$165
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Advanced Critical Tax Issues for Limited Liability Companies and Partnerships (ACTL)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    10
  • Qualifies for

    IRS CPE

Overview

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Major Topics:

  • Single-member limited liability companies as an alternative to subsidiaries
  • Cancellation of indebtedness: rules and regulations
  • How the IRS views members or partners for Social Security purposes
  • Special problems when forming an LLC
  • Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, and the at-risk basis rules
  • Distributions: is it just a disguised sale?
  • Death or retirement of a member or partner -- Understanding the alternatives
  • Step-up in basis issues -- How to make the computations and elections
  • Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property
  • Partnership losses: when are they deductible?
  • Material participation rules for LLC members and limited partners: how they affect passive loss issues
  • Continuation and termination of an LLC/partnership in the context of a merger or acquisition
  • Sales of an LLC Interest -- holding period, and hot asset issues
  • Impact of the new tax on investment income on the sale of an interest in a partnership or LLC

Learning Objectives

  • Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
  • Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
  • Discuss the impact of cash and property distributions
  • Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
  • New Feature: Case study to improve advocacy skills before the IRS

Who should take this course:

Designed for:

CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

Prerequisite:

A basic course in LLCs/partnerships or equivalent knowledge and experience

Advanced Preparation:

None

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