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CPE On-Demand
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Who Will Benefit?
- Public accounting staff, seniors, and tax professionals in company finance or tax departments
Key Topics
- Basic Tax Structure of Partnerships and LLCs
- Electing to be Taxed as a Partnership: The "Check-the-Box " Rules
- Tax Consequences of Partnership or LLC Formation
- Partnership Distributions
- Compensatory Payments to Partners
- At-Risk and Passive Activity Limits
- Profit and Loss Allocations: General Rules and Restrictions
- Reporting Taxable Income for Partnerships and LLCs
Learning Objectives
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest
- Calculate the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation
- Calculate the partner's or member's remaining basis in his or her interest following a distribution of cash or property from the partnership or LLC
- Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income
- Distinguish the difference between "book " allocations required under Section 704(b) and "tax " allocations required under Section 704(c)
- Identify the potential economic consequences to a partner or LLC member of a special allocation
- Recognize whether special allocations required under Section 704(c) have been made on a partnership or limited liability company (LLC) tax return
- Distinguish the difference between "book " allocations required under Section 704(b) and "tax " allocations required under Section 704(c)
Save when you buy the complete Tax Staff Essentials, Level 1 online bundle.
LLC and partnership taxation are considered by many one of the most complex areas of our Internal Revenue Code. If you are new to the subject, or if you have worked in this area for years but need a quick review, this course will provide a firm grasp of the fundamental concepts.
Explaining the tax consequences associated with issues that are most frequently confronted by tax practitioners, this self-study course is designed to help you develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation.
American Institute of CPAs