July 31, 2024


Live Webcast

Tax Fundamentals of LLCs and Partnerships

July 31, 2024
Live Webcast

Tax Fundamentals of LLCs and Partnerships

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    Instructor

    Brian
    Greenstein

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Learning Objectives

When you complete this course, you will be able to:
  • 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 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 their 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 between “book” allocations required under Section 704(b) and “tax” allocations required under Section 704(c).
  • Identify the potential economic consequences of a special allocation to a partner or LLC member.

Major Topics

  • Basic tax structure of partnerships and LLCs
  • Electing to be taxed as a partnership: “Check-the-box” rules
  • Partnership distributions
  • Compensatory payments to partners
  • At-risk and passive activity limits
  • Profit and loss allocations: general rules and restrictions

Things to Know About This Course

Course Level

  • Basic - Intermediate

Prerequisites

None

Intended Audience

Public accounting staff, seniors, supervisors, and tax professionals in company finance or tax departments

Provider

American Institute of CPAs (Durham)

This event has ended.