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Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships (ACTL15)
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This course will give you an in-depth look at selected advanced-level issues affecting LLCs and LLPs. You’ll identify the tax and non-tax advantages and disadvantages of LLCs and partnerships, discuss the impact of cash and property distributions, and cover 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.

11/20/2015
When: 11/20/2015
8:30 AM until 4:30 PM
Where: LCPA Training Facility
2400 Veterans Memorial Blvd
Suite 500
Kenner, Louisiana 
United States
Presenter: Deborah A. Phillips


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Early Bird Fees (through 11/5)
Members $289
Non-Members $389
After 11/5, add $50 to your fee.

CPE: 8 hours
Level: Advanced
Vendor: Surgent McCoy CPE
Category: Taxation
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.

Objectives

• 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

Major Topics

• 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

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Certified Public Accountants

2400 Veterans Memorial Blvd., Suite 500
Kenner, LA 70062-4739

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