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CPE Self-Study
Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
NASBA FIELD OF STUDY
Taxes
LEVEL
Basic
CPE CREDITS
Online: 10.0
Addresses the tax consequences of the most common transactions engaged in by LLCs and partnerships.

Tax Section Members Receive Additional Savings!

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Find out more information on the Tax Section.

CPE On-Demand
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Product details

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.

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
Online
: 10.0
NASBA Field of Study
Taxes
Level
Basic
Prerequisites
None
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
TSE.TFLP
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