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Federal Taxation of Partnerships and LLCs Part II: Sales and Distributions Bequests (4151401D)
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"This second of two partnership courses taught by Gary McBride turns to sales of partnership interests, current and liquidating distributions to partners, death of a partner, and mergers, divisions and terminations of the partnership. Competing concerns of the partners are emphasized: the selling partner and the buyer, the liquidated partner and the continuing partners, etc. Opportunities presented by IRC 754 elections will be fully explored. Form 1065 preparer reporting obligations and partne

11/18/2015
When: 11/18/2015
9:30 AM - 5:00 PM
Where: Webcast/Webinar
Presenter: Gary R. McBride JD, CPA, LLM
Contact: April Deneault
801-834-6634


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This second of two partnership courses taught by Gary McBride turns to sales of partnership interests, current and liquidating distributions to partners, death of a partner, and mergers, divisions and terminations of the partnership.   Competing concerns of the partners are emphasized: the selling partner and the buyer, the liquidated partner and the continuing partners, etc. Opportunities presented by IRC 754 elections will be fully explored. Form 1065 preparer reporting obligations and partner capital account impact are stressed throughout.
Important current developments are highlighted including the recently proposed regulations on partnership distributions involving hot assets, and guidance on the NIIT.
Course materials include a fully linked 19 chapter e-book, which serves as a research resource for both partnership courses taught by Gary McBride. PPT slides are used extensively to reinforce concepts and the PPT slides are available to attendees.


 
Objectives:


    Outline the fundamental rules governing sales of partnership interests.
    Determine the competing concerns of the seller and buyer.
    Recognize how the buyer and continuing partners can benefit from an IRC 754 election.
    Determine the tax impact of distributions current and liquidating, including the new rules for disproportionate distributions involving hot assets.
    Identify the impact of the IRC 754 election on the distribute and the continuing partners.
    Recognize the unique conflicts related to the retirement of a partner.
    Recall the income tax rules triggered by the death of a partner.
    Outline the Form 1065 Schedule L and K-1 reporting obligations and capital account impact for sales and distributions.
    Define strategies involving partnership mergers and divisions.




Major Subjects:


    Sale of a partnership interest: seller's side
    Buyer and beneficiary adjustments for inside/outside basis differences.
    Proportionate partnership distributions current and liquidating.
    Disproportionate partnership distributions, emphasizing new IRS guidance.
    Special treatment of retired parters.
    Income tax rules relating to the death of a partner
    Mergers, divisions and partnership terminations.
      
 
 Designed For:

Attorneys; CPAs who prepare forms 1065, 568, 565 and Schedule K-1 for partnerships and LLCs; and CPAs who prepare partner income tax returns (forms 1040 or 1120) and advise partners on tax-smart strategies.

Prerequisite: General knowledge in partnership taxation.

Advanced Prep:  None

Speaker: Gary R. McBride JD, CPA, LLM

Vendor: CalCPA

Field of Study:  Taxes

Level:  Intermediate

CPE Credit: 8 Hours

Acronym:   PTRW

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

Gary R. McBride, J.D., LL.M. (Taxation), attorney, CPA is a professor and director of the Graduate Tax Program at California State University. He also is a consultant to Froshman, Billings, and Williams, CPAs.   He has worked for the Internal Revenue Service as a revenue agent, special agent, and technical advisor in the IRS National Office.   In addition to tax matters in general, he specializes in mergers and acquisitions, partnership tax, estate and gift tax, and international taxation and continually writes for and lectures to tax professionals.

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