Advanced Taxation LLCs & Partnerships

Partnership tax law is arguably one of the most complex set of provisions in the Internal Revenue Code. To effectively serve your business and individual partner clients, you must have a good working knowledge of the Internal Revenue Code’s sophisticated partnership tax rules and regulations.

This course can help you to master the advanced concepts of partnership taxation, so you can provide your clients with valuable advice and tax planning strategies. Updated with the most recent legislation and IRS guidance affecting Partnerships & LLCs, this course will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidation distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Learning Objectives

Learning Objective: 

When you complete this course you will be able to:

  • Allocate income, gain, loss, and deduction among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities.
  • Assess the risks taken by investors with respect to their investment in a partnership or LLC and allocate the entity’s liabilities accordingly.
  • Determine the consequences of selling a partnership or LLC interest.
  • Calculate the basis of partnership or LLC following distributions of multiple properties.
  • Plan for the effects of a distribution of multiple properties.
  • Make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales, and/or transfers of interests in the partnership.

Topics Discussed

Topics Discussed: 
  • Allocation of partnership and LLC income under Section 704(b)
  • Allocations with respect to contributed property
  • Allocation of partnership recourse liabilities under Section 752
  • Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b)
  • Advanced distribution rules
  • Adjustments to the basis of partnership/LLC assets
  • Sale of an interest in a partnership or LLC

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COURSE CODE

TSE.APL

FIELD OF STUDY

Taxation

CPE CREDIT HOURS

8

KNOWLEDGE LEVEL

Advanced

INTENDED AUDIENCE

Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships

PREREQUISITE

Basic knowledge of business taxation

ADVANCED PREPARATION

None

DELIVERY METHOD

Group Live

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CONTACT A TRAINING REPRESENTATIVE:


1-800-634-6780 Option 1
aicpalearning@aicpa.org

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