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Best Ideas for Getting Money and Property Out of the Flow-Through Entity (BIGM)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

Clients who own interests in pass-through entities are obviously intent on receiving cash and property distributions from such entities at the lowest possible tax cost. This program will cover the rules governing how and when distributions from pass-through entities are taxable and the character of the gain or loss associated with such distributions.

Major Topics:

  • How cash and property distributions from a partnership (or multiple member LLC treated as a partnership) to a partner or member are taxed
  • When partnership distributions to partners are subject to self-employment tax
  • How the tax on net investment income impacts partnerships and S corporation income distributions and allocations
  • The taxation of S corporation distributions and allocations
  • Maximizing the tax benefit associated with an S corporation distribution of earnings and profits
  • Reasonable compensation for S corporation shareholder/employees

Learning Objectives

  • Understand the taxation of pass-through entity distributions of cash and property
  • Compare the options owners of pass-through entities have of receiving entity distributions
  • Select the distributional alternative(s) that minimize income and self-employment tax to the owners of pass-through entities

Who should take this course:

Designed for:

Any tax practitioner who advises owners of pass-through entities or who prepares Forms 1120 and 1065

Prerequisite:

Basic understanding of the income tax rules impacting pass-through entities

Advanced Preparation:

None

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