Advanced Critical Tax Issues for LLCs and Partnerships

Dec 17
8:00 - 4:00 p.m.

Penn State Great Valley - Main Bldg
Malvern - Map

8-Tax
CPE Credits

Recognize the advantages and disadvantages of LLCs and partnerships. Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse. Discuss the impact of cash and property distributions.
Highlights

Single-member LLC as an alternative to subsidiary
Cancellation of indebtedness
How the IRS views members or partners for Social Security purposes
Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting "bottom dollar" guarantees
Death or retirement of a member or partner
Basis issues
Property transactions between the LLC/LLP and members or partners
Partnership losses: When are they deductible?
Material participation rules for LLC members and limited partners
Continuation and termination of an LLC/partnership in the context of a merger or acquisition