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Self-StudySELECT STARTING AT $125

Downloadable PDF

Credits: 8

Qualifies For: IRS

$125

Textbook

Credits: 8

Qualifies For: IRS

$140
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Intermediate Core Tax Issues in Partnerships and LLCs (ICIL)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    8
  • Qualifies for

    IRS CPE

Overview

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. Updated for impacts of the Protecting Americans Against Tax Hikes (PATH) Act of 2015.

Major Topics:

  • Applicable coverage of recent tax acts and any new legislation enacted before presentation
  • When do I need 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
  • Business situations that qualify as are partnerships, and 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?

Learning Objectives

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

Who should take this course:

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

Prerequisite:

Experience in business taxation

Advanced Preparation:

None

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