Partnership Taxation and LLCs (WEBNAR13)

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REGISTRATION STATUS: CLOSED - Online registration for this course is now closed. Please contact the Member Service Center at (850) 224-2727 or (800) 342-3197 if you wish to inquire about registering.

Date:Wednesday, August 13, 2014
Time:11:00am - 1:00pm (Registration at 10:30am)
Facility:Webcast or Webinar, Online
CPE Credit:2 Technical Business
Instructor: E. L. Nichols
Vendor:Florida Institute of CPAs
Subject:Taxes, Business Law
Course Level:Advanced


Ownership interests in partnerships and LLCs can be transferred in several ways: gifted, sold, inherited, or acquired in legal action. Income tax accounting for those transfers requires the CPA to have specific knowledge of BOTH the partner's, or LLC member's, basis in their interest AND their capital account balance.


This program covers:

  • Special tax considerations when organizing a partnership
  • Contributions of property to capital - Secs. 721,722 and 723
  • Liabilities and their allocation to owners' basis - Sec. 752
  • Determination of "owners' distributive share including special allocations - Sec. 704(b)
  • Adjustments for contributed property - Sec. 704(c)
  • Optional adjustments to the basis of entity property - Sec. 754 election
  • Distribution of "HOT" assets - Sec. 751
  • Payments to a retiring partner or member - Sec.736
  • Current developments - Court cases and IRS rulings

Major Topics:

Allocation of basis in debt, step up in basis upon transfer, disguised sales, abandonment of partnership interest, special allocations of income and deductions, reallocation of depreciation among partners, reporting income from forgiveness of indebtedness, determining an LLC member's self-employment income...and more.

This is the program that gets you ready to help your clients plan partnership and limited liability company transactions to minimize taxes.

Who Should Attend:
This course is designed for CPAs who advise their clients regarding planning for partnership and/or limited liability company transactions and/or who have review responsibility for partnership or limited liability company tax compliance.

Advanced preparation:


Information on how to log-on to the webinar, troubleshooting, and contact information will be included with your registration confirmation.
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Regular Price: $75 FICPA Members, $95 Non-Members

Wednesday, August 13, 2014
General Sessions