Early Bird Fees (through 11/5)
After 11/5, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE
Prerequisites: A basic course in LLCs/partnerships, or equivalent knowledge and experience
Advanced prep: None
Who should attend: CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies.
The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.
• Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
• Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
• Discuss the impact of cash and property distributions
• Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
• Single-member limited liability companies as an alternative to subsidiaries
• Cancellation of indebtedness: rules and regulations
• How the IRS views members or partners for Social Security purposes
• Special problems when forming an LLC
• Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, and the at-risk basis rules
• Distributions: is it just a disguised sale?
• Death or retirement of a member or partner – Understanding the alternatives
• Step-up in basis issues -- How to make the computations and elections
• Property transactions between the LLC/LLP and its members or partners – Inbound and outbound transactions: what to do with built-in gain or loss property
• Partnership losses: when are they deductible? * Material participation rules for LLC members and limited partners: how they affect passive loss issues
• Continuation and termination of an LLC/partnership in the context of a merger or acquisition
• Sales of an LLC Interest – holding period, and hot asset issues
• Impact of the new tax on investment income on the sale of an interest in a partnership or LLC