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Partnership and LLC Taxation: Advanced Issues, Including Transfers of Interests and Liquidations (4171398D)

 
Date:Tuesday, January 23, 2018
Time:9:30 AM - 5:00 PM
(Registration at 9:00 AM)
Facility:Webcast or Webinar, Online
CPE Credit:8.0 Technical Business
Instructor: Don P. Cochran
Vendor:California CPA Education Foundation
Course Level:Advanced
Early Bird Price:$245.00 FICPA Members, $365.00 Non-Members

Description:

Be well prepared to assist clients plan partnership and LLC transactions to minimize taxes. Among other topics, cover allocation of basis in debt to step-up in basis upon transfer; disguised sales; abandonment of partnership interest; reallocation of depreciation among partners; reporting income from forgiveness of indebtedness and how to determine an LLC member's self-employment income.



Objectives:
  • Recognize tax traps in the organization and operation of partnerships and LLCs.
  • Calculate the special allocations required for Section 704(c) property.
  • Identify common ownership changes.
  • Learn to handle Section 754 elections and related adjustments
  • Outline and apply rules properly when passing income and other items through owners.
  • Determine how to properly plan and account for income from forgiveness of debt.
  • Identify how to handle the balance sheet after required tax adjustment.


Major Topics:
  • Partnership tax considerations
  • Sec. 721: Contributions of property to capital
  • Sec. 752: Liabilities and their allocation to owners
  • Sec. 704(b): Determination of owners' distributive share, including special allocations
  • Sec. 704(c): Adjustments for contributed property
  • Sec. 754 election: Optional adjustments to the basis of entity property
  • Sec. 751: Distribution of  " Hot"assets
  • Sec. 736: Payments to a retiring partner or member
  • Sec.1411: Net investment income affects on partnerships
  • Court developments and IRS rulings


Who Should Attend:

CPAs who advise clients on planning for partnership or LLC transactions, or those who have review responsibility in the partnership or LLC tax compliance function. Also suitable for public practice.



Prerequisite:
Five or more years of tax experience.

Advanced Preparation:
None.

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Registration Status: OPEN