Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
Available for 1 year after purchase date
**OnDemand**
11.5 Credits
Member Price $236.00
Non-Member Price $290.00
Overview
A beginner's guide or a refresher on the essential elements of partnership and LLC taxation.
Highlights
Key Topics
- Basic tax structure of partnerships and LLCs
- Check-the-box elections to be taxed as a partnership
- Partnership distributions
- Compensatory payments to partners
- At-risk and passive activity limits
- Profit and loss allocations: general rules and restrictions
Prerequisites
None
Designed For
Who Will Benefit
- Public accounting staff and seniors
- Tax professionals in company finance or tax departments
Objectives
Learning Outcomes
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
- Identify the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation.
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
- Indicate the correct treatment of partnership income by a partner for self-employment tax purposes.
- Distinguish between current and liquidating distributions.
- Recall whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations and when they will not be recognized by the IRS.
Non-Member Price $290.00
Member Price $236.00