*The member rate applies to LCPA members, other state CPA 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.
Texas CPAs: Our Texas State Board of Public Accountancy Sponsor number is #010423.
Tax practitioners struggle to understand the rules of Subchapter K of the Internal Revenue Code and related Treasury Regulations. Determine differences between partnership recourse and nonrecourse debt and the consequences of each.
Complex rules offer both tax planning opportunities as well as traps. Join an in-depth analysis of key partnership tax issues, how they affect partnership structuring, and the reporting of partnership results.
- Identify fundamental tax planning opportunities and risks related to partnership contributions and distributions.
- Recall the rules for testing partnership allocations under the partner's interest in the partnership test versus the substantial economic effect regulations.
- Determine differences between partnership recourse and nonrecourse debt and the consequences of each.
- Select the best method for making mandatory allocations relating to Section 704(c) property.
- Determine how to apply the optional and mandatory inside basis adjustment rules.
- Partnership/LLC formations (IRC Sec. 721)
- Income/loss allocations (IRC Sec. 704(b))
- Allocations related to property with a tax-book difference (IRC Sec. 704(c))
- Partnership/LLC distributions (IRC Secs. 731-732)
- Partner's tax basis and the impact of debt (IRC Sec. 752)
- Inside basis adjustments (IRC Sec. 754)
Designed For: CPAs, attorneys, tax practitioners and financial professionals.
Prerequisite: Three years of relevant experience or an understanding partnership and LLC taxation.
Advance Prep: None.
Note: Login instructions will be provided by the webcast vendor (CalCPA).