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Partnership and LLC Taxation-Advanced Issues-Including Transfers of Interests, Liquidations 4171398B
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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.

 Export to Your Calendar 12/14/2017
When: 9:30 AM to 5:00 PM
Where: Webinar/Webcast
United States
Presenter: Don Paul Cochran, JD, CPA, CFP®, CRC®
Contact: April Deneault
801-466-10728


Online registration is available until: 12/14/2017
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Curriculums:   Partnerships and LLCs,Business and Corporate Taxation,Financial Leadership Forum

NASBA Credit Category:  Taxes

CPE Hours:  8

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.

Materials are provided as an ebook.



Major Subjects

  • 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

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.

Level:  Advanced

Designed For

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.

Advanced Prep:

None.

Prerequisite

Five or more years of tax experience.

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