Advanced Critical Tax Issues for LLCs and Partnerships

May 23
8:00 - 4:00 p.m.

Penn State Great Valley - Main Bldg
Malvern - Map

8-Tax
CPE Credits

Take a look at advanced-level issues affecting LLCs and LLPs. Learn how to identify tax and nontax advantages and disadvantages of LLCs and LLPs. Review the impact of cash and property distributions. Explore how inside and outside basis is affected by liabilities, recourse, and nonrecourse. Review the consequences of a sale of an interest.
Highlights

Single-member LLCs as an alternative to subsidiaries
The rules and regulations of cancellation of indebtedness
How the IRS views members or partners for Social Security purposes
Special problems when forming an LLC
Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, and the at-risk basis rules
Distributions
Alternatives when it comes to the death or retirement of a member or partner
Making the computations and elections in basis issues
Property transactions between the LLC and LLP and its members or loss property
Inbound and outbound transactions
Partnership losses
Material participation rules for LLC members and limited partners
Continuation and termination of an LLC and partnership in the context of a merger or acquisition
Sales of an LLC interest
Impact of the new tax on investment income on the sale of an interest in a partnership or LLC