Partnership and LLC Core Tax Issues from Formation Through Liquidation
Nov 5 8:00 - 4:00 p.m.
Best Western Premier the Central Hotel & Conference Center Harrisburg - Map
8-Tax CPE Credits
Learn how to prepare more complicated partnership returns. Take a deep dive into formation, special allocations of income and deductions, and more advanced concepts of partnership taxation. Highlights
Coverage of recent tax acts and new legislation
When to use 704(b) basis for capital accounts vs. tax basis
Detailed rules of Section 704 for preventing the shifting of tax consequences among partners or members
Unreasonable uses of the traditional and curative allocation methods
Multiple layers of Section 704(c) allocations
Business situations and partnerships that qualify vs. others which do not
Treatment of recourse vs. nonrecourse debt basis
How to calculate basis limitations and its implication on each partner’s own tax return
How Section 179 limitations affect partnership/LLC basis
Regulations for handling basis step-ups under Section 754 elections, and mandatory adjustments under Sections 743 and 734 for partnerships that have not made the Section 754 election
Subsequent contributions of property with Section 754 adjusted basis to another partnership or corporation
Capital account adjustments
Special allocations require substantial economic effect: what are the requirements?
LLCs and self-employment tax to the members
Distributions: current or liquidating, cash or property, including the substituted basis rule
Termination/liquidation of an LLC
Registration
PICPA Member: $275 Nonmember: $375
More Information
Course No.
751801
Level:
Intermediate
Prerequisites:
Experience in business taxation
Notes
Accepted for IRS credits.
Speaker(s)
Robert Gilwee
Gilwee & Green LLC
Robert M. Gilwee Jr., CPA Gilwee and Green, LLC | Phoenix,
Maryland
Robert Gilwee is a tax partner in a local accounting firm with over 20 years
of practice experience in taxation. His primary areas of expertise are income
and estate taxation and international taxation. He has previously held positions
with Price Waterhouse Coopers, KPMG Peat Marwick, and Deloitte and Touche. His
background includes assistance in resolving tax-structuring issues using LLC’s,
S-Corporations’, etc. He is a frequent discussion leader on a variety of
taxation topics. Robert serves as an Adjunct Faculty member of the University of
Baltimore and Villa Julie College and is an instructor in the Lambers CPA review
course.
Mr. Gilwee is a recipient of the Top Manuscript Award from Price Waterhouse
Coopers. He is a member of the AICPA and the Maryland Association of CPAs.