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CPE Self-Study
Advanced Tax Strategies for LLCs and Partnerships
NASBA FIELD OF STUDY
Taxes
LEVEL
Advanced
CPE CREDITS
Text: 8.5
Covers the complexities of partnership tax law, including LLC, General Partnership, Limited Partnership, and Limited Liability Partnership.

CPE On-Demand
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Product details

Deep dive into the complexities.

Who Will Benefit?

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

Key Topics

  • Allocation of partnership and LLC income under Section 704(b)
  • Allocations with respect to contributed property: Section 704(c)(1)(A)
  • 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 or LLC assets
  • Sale of an interest in a partnership or LLC
  • "Hot" assets and Section 751(a)
  • Section 754 Elections; Section 734(b) and 743(b) Adjustments
  • Tax Cuts and Jobs Act of 2017
  • Section 708 Technical Termination

Learning Objectives

  • Identify the potential economic consequences of special allocations to a partner or LLC member.
  • Distinguish between the requirements for substantiality and those for economic effect under the regulations.
  • Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
  • Recognize the three methods described in the Section 704(c) regulations to make special allocations with respect to contributed property.
  • Calculate the gain that can result from reallocation of liabilities when a partner joins a partnership.
  • Distinguish between recourse and nonrecourse liabilities of a partnership or LLC.Calculate the basis of each property received by a partner receiving multiple properties in a liquidating versus non-liquidating distribution from a partnership or LLC.
  • Recognize which properties will receive a step-up or step-down in basis when multiple properties are received from a partnership or LLC.
  • Allocate basis increases or decreases among multiple properties for federal income taxpurposes.

Are you ready to master the advanced concepts of partnership taxation? Provide your clients with valuable advice and tax planning strategies and gain a working knowledge of the Internal Revenue Code's sophisticated partnership tax rules and regulations.

This self-study course takes a deep dive into the complexities of partnership tax law. The course includes step-by-step examples to help 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.

Table of contents
Ratings and reviews
Author(s)

Larry Tunnell, Ph.D., CPA

Robert Ricketts, Ph.D., CPA

Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D., which he received from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior.

Ricketts' tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA, and a forthcoming book on comparative taxation written by an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation, and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. He teaches at both the undergraduate and graduate levels, and works extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$209.00
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Estimated total:
$209.00
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CREDIT INFO
CPE credits
Text
: 8.5
NASBA Field of Study
Taxes
Level
Advanced
Prerequisites
Basic knowledge of business taxation or experience with partnership taxation
Delivery Method
QAS Self-Study
Course acronym
DTT
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