Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation
8.00 Credits
Member Price $279
Non-Member Price $299
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 stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation, via deeper life-cycle 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. With the right blend of legal and tax ramifications of LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.
Highlights
- Reporting requirements for Schedules K-2 and K-3
- Capital account reporting requirements
- Schedule K-1 reporting for §743 adjustments
- Schedule K-1 reporting for §704 gains and losses
- Comprehensive case on partnership/partner application of the business interest deduction
- When 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 & curative allocation methods
- Multiple layers of §704(c) allocations
- 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
Prerequisites
Knowledge and experience in business taxation
Designed For
Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, Accounting and Financial Professionals who want a comprehensive, intermediate-l
Objectives
- Prepare more complicated partnership returns
- Understand certain advanced concepts of partnership taxation
Preparation
None
Leader(s):
Leader Bios
Sue Smith, Surgent McCoy CPE, LLC
Sue Smith, CPA manages her own firm specializing in tax planning for individuals and business owners and is also a frequent speaker at tax conferences. Smith was a Senior Manager in the tax departments of Price Waterhouse and Peat Marwick (the predecessor of KPMG). While at Price Waterhouse, she also held the national specialist designation for the real estate and partnership tax practices. During her time at Peat Marwick, Smith led the real estate and tax practices locally. She was an associate adjunct professor at Widener University in the master’s taxation program. Her ratings have consistently exceeded 4.7 on a scale of 5.0. Smith is a two-time recipient of the James L. McCoy Discussion Leader of the Year Award for excellence in teaching. And in 2015, she received the Surgent Outstanding Discussion Leader Award because of her consistently high evaluations for knowledge and presentation skills. Smith earned her Bachelor of Business Administration degree, with an accounting concentration, from the University of Toledo.
Non-Member Price $299
Member Price $279