Skip to main content

Advanced Taxation LLCs & Partnerships

Thursday, November 3 8:00am - 4:00pm

(Check-In 7:30am)

Add to Calendar

Hilton Garden Inn

3720 N Reserve St
Missoula, MT 59808

Get Directions

8.00 Credits

Member Price $275.00

Price will increase by $50 after 10/13

Non-Member Price $325.00

Price will increase by $50 after 10/13

Overview

All materials will be electronic only

Partnership tax law is arguably one of the most complex set of provisions in the Internal Revenue Code. To effectively serve your business and individual partner clients, you must have a good working knowledge of the Internal Revenue Code's sophisticated partnership tax rules and regulations.

This course can help you to master the advanced concepts of partnership taxation, so you can provide your clients with valuable advice and tax planning strategies. Updated with the most recent legislation and IRS guidance affecting Partnerships & LLCs, this course will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Highlights

  • Allocation of partnership and LLC income under Section 704(b)
  • Allocations with respect to contributed property
  • Allocation of partnership recourse liabilities under Section 752
  • Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b)
  • Advanced distribution rules
  • Adjustments to the basis of partnership/LLC assets
  • Sale of an interest in a partnership or LLC

Prerequisites

Basic knowledge of business taxation.

Designed For

Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships.

Objectives

When you complete this course you will be able to:

  • Identify how to allocate income, gains, losses, and deductions among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities.
  • Determine the risks taken by investors with respect to their investment in a partnership or LLC and allocate the entity's liabilities accordingly.
  • Determine the consequences of selling a partnership or LLC interest.
  • Calculate the basis of partnership or LLC following distributions of multiple properties.
  • Recognize how to plan for the effects of a distribution of multiple properties.
  • Identify how to make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales and/or transfers of interests in the partnership.

Preparation

None

Leader(s):

Leader Bios

Gregory Carnes

Gregory Carnes Florence, AL Dr. Gregory Carnes serves as Dean of the College of Business at the University of North Alabama. He came to UNA in 2007 as the Raburn Eminent Scholar of Accounting. He previously served as President of the Accounting Program Leadership Group, President-Elect of the Federation of Schools of Accountancy, and Secretary of the American Taxation Association. Dr. Carnes has also served as chair of the Department of Accountancy at Northern Illinois University and Dean of the College of Business at Lipscomb University. Dr. Carnes has published approximately 30 articles in journals such as The Journal of Economic Psychology, Journal of the American Taxation Association, Advances in Taxation, The Journal of International Accounting, Auditing, and Taxation, The Tax Adviser, Taxation for Accountants, Taxation for Lawyers, and The CPA Journal. He is a contributing author on South-Western Federal Taxation: Individual Income Taxes, a popular textbook used in undergraduate taxation courses. He also authors material for Wiley/CPA Excel, one of the nation’s leading CPA Review courses. He has also provided tax training for national accounting firms and the AICPA. He is a member of the AICPA, the American Accounting Association, the Alabama Society of CPAs, and the American Taxation Association.

Return to Top

Non-Member Price $325.00

Member Price $275.00