Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials

Overview

A beginner’s guide or

A beginner’s guide or a refresher on the essential elements of partnership and LLC taxation.

Course Instructor: Robert Ricketts,Larry Tunnell

Highlights

Basic tax structure of partnerships and LLCs

Check-the-box elections to be taxed as a partnership

Partnership distributions

Compensatory payments to partners

At-risk and passive activity limits

Profit and loss allocations: general rules and restrictions

Prerequisites

None

Designed For

Public accounting staff and seniors

Tax professionals in company finance or tax departments

Objectives

Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
Identify 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.
Indicate the correct treatment of partnership income by a partner for self-employment tax purposes.
Distinguish between current and liquidating distributions.
Recall whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations and when they will not be recognized by the IRS.

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by AICPA (do_not_reply@on24event.com). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.