As staff members gain more experience, they are expected to take on more complex assignments with minimal supervision. This course is designed to be a stepping stone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation.
DESIGNED FOR
Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual
BENEFITS
- Prepare complicated partnership returns
- Understand certain advanced concepts of partnership taxation
HIGHLIGHTS
- Reporting requirements for Schedules K-2 and K-3
- Capital account reporting requirements
- Schedule K-1 reporting for §743 adjustments
- Schedule K-1 reporting for §704 gains and losses
- Comprehensive case on partnership/partner application of the business interest deduction
- Section 704(b) basis versus tax basis for capital accounts
- Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
- Unreasonable uses of the traditional and curative allocation methods
- Layers of §704(c) allocations
- Treatment of recourse versus nonrecourse debt basis
- How to calculate basis limitations and the implications on each partner’s own tax return
- How §179 limitations affect partnership/LLC basis
- Regulations for handling basis step-ups under §754 elections and mandatory adjustments under §743 and §734 for partnerships that have not made a §754 election
- Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
- Capital account adjustments in connection with admission of new members
- Special allocations and substantial economic effect
- LLCs and self-employment tax to members
- Distributions – current or liquidating, cash or property, and the substituted basis rule
- Termination and liquidation of an LLC
PREREQUISITES
Knowledge and experience in business taxation
ADVANCE PREPARATION
None
ADDITIONAL NOTES