This Update is being offered on multiple dates and times. At bottom of page, select the date/time that best fits your schedule.
What works best for your client? Learn the pros and cons of the
LLC, General Partnership, Limited Partnership, and Limited Liability
Partnership by focusing on planning and potential tax traps. A review of
distinct advantages of these entities is coupled with an examination of
the risk members and partners face if they do not have a solid tax plan
to minimize their exposure. In addition, we will explore some of the more
intricate rules and regulations of these entities so you can move your
working knowledge of partnership and LLC taxation beyond the basics.
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
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
- 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
- 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.
Who should attend this event:
Managers and partners in PA who assist clients with tax planning for closely held LLCs and partnerships
Field of Study: Taxes
Prerequisites: Basic knowledge of business
Important Information on Your CPE Credit
How To Access This Webcast
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