The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.
- Partnership losses: when are they deductible?
- Death or retirement of a member or partner -- Understanding the alternatives
- Continuation and termination in the context of a merger or acquisition
- Sales of an LLC interest -- holding period and hot asset issues
- Identify the limitations on an investor’s ability to deduct LLC losses
- Discuss the tax consequences of a liquidation of a partner’s interest
- Describe the options when a partnership terminates or continues following an acquisition or merger
- 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
CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies.
A beginning course in LLCs/partnerships; experience with LLC/partnership clients.