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Webcast: Federal Taxation of Partnerships & LLCs Part I: Formation & Operation (CAFTPOA15)
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This first of two partnership tax courses taught by Gary McBride covers strategies involving partnership structure (LLC, LLP, GP, LP, etc.), formation of the partnership, tax and book basis capital account tracking, allocations of income, gains, losses, and expenses, and the determination of partner debt share. Attendees will learn how to interpret modern partnership agreements which contain target allocations that place a greater responsibility on the Form 1065 preparer. The competing interests

11/4/2015
When: 11/04/2015
8:30 AM until 4:00 PM
Where: Webcast
Louisiana
United States


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Registration Fees
Members $275
Non-Members $375

CPE: 8 hours
Level: Intermediate
Vendor: CalCPA
Category: Taxation
Prerequisites: General knowledge in partnership taxation.
Advanced prep: None

Who should attend: Attorneys; CPAs who prepare forms 1065, 568, 565 and K-1 for partnerships and LLCs; and CPAs who prepare partner income tax returns or forms 1040 or 1120, or who advise partners on tax-smart strategies.

This first of two partnership tax courses taught by Gary McBride covers strategies involving partnership structure (LLC, LLP, GP, LP, etc.), formation of the partnership, tax and book basis capital account tracking, allocations of income, gains, losses, and expenses, and the determination of partner debt share. Attendees will learn how to interpret modern partnership agreements which contain target allocations that place a greater responsibility on the Form 1065 preparer. The competing interests of the partner that contributes cash, property, or services relative to the other partners, are explored. The course will also identify tax traps involving partner-level loss limits outside basis, at-risk and passive loss. Significant current developments are highlighted throughout, including numerous recently proposed regulations such as those on partners' debt share and partner guarantees. Course materials include a fully linked 19 chapter eBook covering partnerships from formation to termination. PPT slides are used extensively to reinforced concepts and the slides are available to attendees.

Objectives

  • Identify alternative ways to structure a partnership to optimize tax benefits and minimize partner non-tax liability.
  • Define the fundamental tax concepts relating to formation and operation of a partnership.
  • Recognize the crucial role of partner tax and book capital accounts and learn how to track book basis capital accounts.
  • Recall "target allocations" in modern partnership agreements.
  • Recognize the competing strategies that arise when partners contribute cash, property, or services to a partnership.
  • Understand the flexibility and limits on allocations of income, gains, losses and expenses among partners.
  • Learn how to properly allocate partnership recourse and nonrecourse debt to the partners and understand the consequences.
  • Recognize traps and opportunities involving partners' ability to claim losses due to outside basis limits, at-risk limits, and passive loss limits. 


Major Topics
  • State law entity structure for partnerships
  • Partner contributions of cash, property, or services
  • Comparison of tax basis and book basis capital accounts
  • Tracking of book basis capital accounts
  • Modern partnership agreements and "target allocations"
  • Allocations of income, gains, losses and expenses
  • Partners' share of partnership recourse and nonrecourse debt
  • Guarantees by partners and LLC members.
  • Partner-level loss limits:  outside basis, at-risk, and passive loss


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