Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
Tuesday, January 28, 2025
Webcast or Webinar, Online
9:00 AM - 5:00 PM (opens at 8:30 AM) EST
8Credits
Technical Business
Registration is Open
Members
$332.00 Regular Price
Non-Members
$403.00 Regular Price
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Course Type: Webcast
Course Code: 24/AI514442
Level: Basic
Vendor: AICPA CPE Division
Field of Study: Taxes
Overview:
Most U.S. businesses are formed as a pass-through entity, which includes partnerships. If you are new to the subject, or if you have worked in this area for years but need a quick review, this course will provide a firm grasp of the fundamental concepts, help you to build a strong foundation of knowledge, and freshen up your analytical skills. Talking about tax can sometimes sound like you're speaking a foreign language in front of your clients. You can leverage the tone of the course materials to explain complex issues with accuracy and confidence.Objectives:
- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
- Calculate the tax basis of assets transferred to a partnership or LLC at formation.
- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
- Calculate the partner's or member's remaining basis in their interest following a distribution of cash or property from the partnership or LLC.
- Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
- Identify the potential economic consequences of a special allocation to a partner or LLC member.