Webcast: Buying and Selling Partnerships (XCBSP117)
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Consider the tax consequences of selling a business conducted as a partnership and the disposition of partial interests in a partnership. To put this discussion in context, relevant partnership law is described. Special topics considered include Section 754 elections, Section 751 and 704(c) complications, as well as comparing results of selling a partnership business to selling a corporate business, with or without a S corp election.

 Export to Your Calendar 8/21/2017
When: 08/21/2017
3:00 PM until 5:00 PM
Where: Webcast
CALCPA
4173115A
United States
Presenter: John G. McWilliams, CPA, JD


Online registration is available until: 8/19/2017
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Acronym XCBSP117
CPE 2 hours
Vendor CalCPA
Category
Taxation
Level Intermediate
Prerequisite An understanding of the taxation of corporations, S corps and partnerships.
Adv Prep None
Yellow Book? No
Designed for CPAs and attorneys who have at least two years of experience advising privately owned businesses.
Registration
Member $60
CPA Non-Member $94

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

Consider the tax consequences of selling a business conducted as a partnership and the disposition of partial interests in a partnership. To put this discussion in context, relevant partnership law is described. Special topics considered include Section 754 elections, Section 751 and 704(c) complications, as well as comparing results of selling a partnership business to selling a corporate business, with or without a S corp election.

Materials are provided as an ebook.

Objectives

  • Identify the relevant partnership tax law, including the treatment of contributed assets; liquidating and non-liquidating distributions; sale of partnership interests; partnership terminations; and Section 754 elections.
  • Identify tax planning opportunities related to the sale of a partnership business to an unrelated buyer.
  • Determine tax considerations for sales or "redemptions" of a partial interest in the partnership.
  • Recognize tax complications presented when partners have a negative capital account.
  • Identify the special tax considerations when there is an asset contributed by a partner for an interest in the partnership.

Major Topics

  • Partnership tax law
  • Allocation of partnership items
  • Treatment of 'contributed assets'
  • Adjustments to basis in partnership interests
  • Sale of partnership interests, including Section 751 "hot assets"
  • Partnership terminations
  • Selling a partnership business to an unrelated buyer
  • Selling a partnership after death of a partner
  • Distributions of appreciated assets
  • Complications based on negative capital accounts
  • Loss recognition