Partnership and LLC Taxation: Entities Taxed as Partnerships (Currently Unavailable)
Author: Greg White
| CPE Credit: |
8 hours for CPAs
8 hours Federal Tax Related for EAs and OTRPs
8 hours Federal Tax Law for CTEC |
Join expert Greg White, CPA, as he covers the important planning strategies and has some fun along the way. In this course, Greg will cover real-world strategies that will help reduce your clients' tax liabilities, including maximizing the section 199A QBID deduction. We’ll also cover which LLC members aren’t subject to self-employment tax on their shares of ordinary income.
This course is excluded from the following subscription programs:
Value Pass, Self-Study Package, Webinar Package, Self-Study & Webinar Package, and Firm Package.
Publication Date: May 2021
Designed For
CPAs and CPA aspirants in public practice and tax staff in private practice who have a minimum of two years of partnership taxation experience.
Topics Covered
- Allocations of income under Sec. 704(b)
- Self-employment taxes for LLC members
- Allocations with respect to contributed property
- Allocations of liabilities and related deductions under Secs. 752 and 704(b)
- Distribution rules
- Adjustments to the basis of property
- Sale or exchange of an interest in an entity taxed as a partnership
Learning Objectives
- Recognize how to maximize the section 199A deduction for partnerships
- Identify how the TCJA changes to partnership terminations work
- Describe how to allocate items of income, gain, loss, deduction and liabilities among partners/members to reflect the economic arrangements
- Identify the consequences of selling a partnership or LLC interest
- Recognize when and which elections should be made as it relates to distributions or transfers of interests in partnerships
- Identify when LLC members are subject to self-employment tax
- Recognize how to calculate the amount of loss allocated to each LLC member when some or all of the members have negative tax capital accounts
- Identify strategies to reduce the taxes payable on the sale of a partnership interest
- Recognize important factors in crucial court cases
- Describe what can be used to help taxpayers, but not hurt them
- Differentiate IRC sections and how they apply to partnerships
- Recognize the unrecaptured §1250 rate
- Differentiate Re. Rul. and how they apply
- Describe true statements regarding service partner redemptions
- Describe correct statements regarding CPAR off-ramps
- Recognize what is relied on when using the "dumb-but-lucky" test
- Identify what allows an LLC convert to an LP
- Recognize where on Form K-1 the partner's share of liabilities are reported
- Recognize which type of entity can take advantage of liability netting
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (8 hours)
Program Prerequisites
None
Advance Preparation
None
