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
Who should take this course:
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.