Partnership and LLC Taxation: Advanced Issues, Including Transfers of Interests and Liquidations (4101398A)

From allocation of basis in debt to step up in basis upon transfer, disguised sales, abandonment of partnership interest, reallocation of depreciation among partners, determining an LLC member's self-employment income and more, this program thoroughly prepares you to help your clients plan partnership and limited liability company transactions to minimize taxes.

• Recognize tax traps and pitfalls in the organization and operation of partnerships and LLCs.
• Calculate the special allocations required for Sec. 704(c) property.
• Deal with common ownership changes.
• Handle Sec. 754 elections and related adjustments.
• Apply rules properly when passing income and other items through to owners.
• Plan and properly account for income from forgiveness of debt.
• Handle the balance sheet after required tax adjustments.

• Special tax considerations when organizing a partnership
• Contributions of property to capital-Sec. 721
• Liabilities and their allocation to owners' basis-Sec. 752
• Determination of owners' distributive share including special allocations-Sec. 704(b)
• Adjustments for contributed property-Sec. 704(c)
• Optional adjustments to the basis of entity property-Sec. 754 election
• Distribution of "HOT" assets-Sec. 751
• Payments to a retiring partner or member-Sec. 736
• Current developments-Court cases and IRS rulings

CPAs who advise clients regarding planning for partnership or limited liability company transactions, or who have review responsibility in the partnership or LLC tax compliance function.

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