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Webcast: Partnership and LLC Taxation: Advanced Issues, Including Transfers of Interests (CAPTAI16)
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This best-selling course will prepare you to help your clients plan partnership and LLC transactions to minimize taxes. We'll cover allocation of basis in debt to step-up in basis upon transfer; disguised sales; abandonment of partnership interest; reallocation of depreciation among partners; reporting income from forgiveness of indebtedness; how to determine an LLC member' self-employment income; and more.

1/13/2016
When: 01/13/2016
8:30 AM until 4:00 PM
Where: Webcast
Louisiana
United States
Presenter: Don Paul Cochran, JD, CPA, CFP®, CRC®


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Registration Fees
Members $275
Non-Members $375

CPE: 8 hours
Level: Advanced
Vendor: CalCPA
Category: Taxation
Prerequisites: Five or more years of tax experience.
Advanced prep: None

Who should attend: CPAs who advise clients on planning for partnership or LLC transactions, or those who have review responsibility in the partnership or LLC tax compliance function.

This best-selling course will prepare you to help your clients plan partnership and LLC transactions to minimize taxes. We'll cover allocation of basis in debt to step-up in basis upon transfer; disguised sales; abandonment of partnership interest; reallocation of depreciation among partners; reporting income from forgiveness of indebtedness; how to determine an LLC member' self-employment income; and more.

Objectives

  • Recognize tax traps and pitfalls in the organization and operation of partnerships and LLCs.
  • Calculate the special allocations required for Section 704(c) property.
  • Identify common ownership changes.
  • Identify and apply rules properly when passing income and other items through owners.
  • Determine how to properly plan and account for income from forgiveness of debt.
  • Identify how to handle the balance sheet after required tax adjustment.

 



Major Topics
  • Special tax considerations when organizing a partnership
  • Sec. 721: Contributions of property to capital
  • Sec. 752: Liabilities and their allocation to owners
  • Sec. 704(b): Determination of owners' distributive share, including special allocations
  • Sec. 704(c): Adjustments for contributed property
  • Sec. 754 election: Optional adjustments to the basis of entity property
  • Sec. 751: Distribution of assets
  • Sec. 736: Payments to a retiring partner or member
  • Current court developments and IRS rulings


 

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