Description

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

Target Audience

- public accounting staff and seniors

- tax professionals in company finance or tax departments

Course 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.

Subjects

- 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