Partnership and LLC Core Tax Issues From Formation Through Liquidation Webcast
Nov 13 8:00 - 4:00 p.m.
Online
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: $285 Nonmember: $385
More Information
Course No. 751801Level: Intermediate
Prerequisites:
Experience in business taxation
Notes
Accepted for IRS credits.
Speaker(s)
William Allen
Dr. William H. Allen Jr., MBA, CPA, Ph.D. Dr. William H. Allen Jr. opened
his own accounting firm (Allen & Associates, CPA) in 1984 and he still
manages the firm’s overall day-to-day operations. His particular expertise lies
within the areas of taxation and attest functions, which include auditing,
compilations, reviews, and other services where independence is required. Prior
to starting his own company, Dr. Allen worked for Arthur Andersen, LLP for 12
years in their Chicago, Atlanta, and Los Angeles offices. Dr. Allen holds a B.A.
degree (double major in accounting and economics) from Florida A&M
University. He received his M.B.A. degree (emphasis in accounting and finance)
from Northern Illinois University. He also has a Ph.D. degree in accounting
systems design and implementation from Temple University.