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Intermediate Core Tax Issues in Partnerships and LLCs (ICIL)

  • Format Live Seminar
  • Credits 8
  • Level Intermediate
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

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:


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

Experience in business taxation

None

Yes

No

No

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