Webcast: Understanding Partnership and LLC Taxation (XCLLPT17)
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Receive a comprehensive understanding of key federal income tax issues in partnership taxation. Examine the different types of entities that are taxed as partnerships and identify the significant differences among them. Understand the consequences of contributions to and distributions from partnerships which includes partnership operations, allocations of income and loss, sale and exchange of partnership interests and partnership debt. Emphasis is placed on identifying tax planning opportunities

12/20/2017
When: 12/20/2017
8:30 AM until 4:00 PM
Where: Webcast
CALCPA
4173126D
United States
Presenter: Michael Vinson, JD, LLM


Online registration is closed.
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Acronym XCLLPT17
CPE 8 hours
Vendor CalCPA
Category
Taxation
Level Beginning
Prerequisite None
Adv Prep None
Yellow Book? No
Designed for CPAs and attorneys; ideal for tax return preparers with up to three tax seasons; and more experienced practitioners who have not worked with partnerships for a while or who are not familiar with LLCs.
Registration
Member $245
CPA Non-Member $375

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

 

Receive a comprehensive understanding of key federal income tax issues in partnership taxation. Examine the different types of entities that are taxed as partnerships and identify the significant differences among them. Understand the consequences of contributions to and distributions from partnerships which includes partnership operations, allocations of income and loss, sale and exchange of partnership interests and partnership debt. Emphasis is placed on identifying tax planning opportunities and avoiding traps for the unwary.

 

Note: This is a survey course. Although class discussion reviews several features of Form 1065 and Schedule K-1, form preparation is not covered.

 

Materials are provided as an ebook.

Objectives

  • Identify which entities will be taxed as partnerships.
  • Determine the tax consequences of partnership contributions and distributions.
  • Choose among the available taxable years and methods of accounting to determine the consequences of partnership operations.
  • Select the proper method for allocating items of partnership income, gain, loss, deduction and credit.
  • Identify the consequences of partnership recourse and nonrecourse debt.
  • Determine how key tax items are reported on Form 1065 and Schedule K-1.

Major Topics

  • Classification of entities as partnerships
  • Key differences between general partnerships, LPs, LLPs and LLCs
  • Inside and outside basis, and capital accounts
  • Partnerships: Formation, operations, liabilities and allocation of income and loss
  • Distributions
  • Sale or exchange of partnership interests
  • Guaranteed payments
  • Elective and Mandatory Inside Basis Adjustments