Advanced Taxation LLCs & Partnerships - Tax Staff Essentials

Overview

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 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 and 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

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Bruce Nelson, AICPA

Leader Bios

Bruce Nelson, AICPA

Bruce M. Nelson, MA, CPA, with the firm of Ehrhardt, Keefe, Steiner & Hottman, P.C. Prior to joining EKS&H he practiced as a CPA with Silverstein & Pomerantz. Bruce’s experience also goes back to two years as the Manager of Tax Policy at the State of Colorado. Before that, he was a Senior Tax Manager for several years in a “Big Four” accounting firm, where he ran the state and local tax desk. Bruce earned his B.A. degree from the University of Nebraska-Lincoln and a Master’s degree from Colorado State University and is a licensed CPA Colorado. He is on the adjunct faculty for Regis University where he teaches courses in individual, partnership, and corporate taxation. He is a frequent seminar speaker teaching continuing education in state and local tax for the University of Denver’s Graduate Tax Program, the Colorado Society of CPA’s, and the American Institute of CPAs. Bruce has published more than forty tax articles in many publications including the Journal of Accountancy, Tax Executive, Controller Magazine, the Journal of Multistate Taxation, State Tax Notes, and Colorado Lawyer. Bruce is the author of AICPA’s CPE courses Multistate Income Tax: Simplifying the Complexities and also Sales and Use Tax: Guide to Doing it Right. A former columnist for the Journal of State Taxation, he is also the co-author of the Sales and Use Tax Answer Book and co-editor of the Guidebook to Colorado Taxes, both published by Commerce Clearing House. He is a member of the American Institute of Certified Public Accountants and the Colorado Society of Certified Public Accountants.

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