LLCs & Partnerships: Review of Selected Topics [LLC Anc]

Full Description

LLCs and Partnerships: Review of Selected Topics

June 23, 2014
AKCPA Conference Room
Anchorage, AK

Tax practitioners have long grappled with understanding the rules contained in Subchapter K statutes and regulations. It's time to grapple no longer. This course reviews selected key code sections and the applications you need to effectively prepare partnership tax returns. Additionally, by analyzing key regulations, you'll uncover important planning opportunities.

Major Topics:
Partnership/LLC formations (IRC Sec. 721)
Contributions of appreciated property (IRC Sec. 704)
Income/loss allocations (IRC Sec. 704(b))
Partnership/LLC distributions of property (IRC Secs. 731-732)
Partner's tax basis and the impact of debt allocations (IRC Sec. 752)
Optional basis adjustments (IRC Sec. 754)


Learning Objectives:
Understand tax law as it relates to selected Subchapter K code sections.
Review key Subchapter K elements, including formations, income allocations, allocations of debt, basis and its relation to the at-risk rules, distributions and optional (and mandatory) basis adjustments.
Develop confidence when preparing Schedules K-1.
Designed For: CPAs and attorneys who want to become more familiar with selected partnership/LLC code sections or who just want to learn more about the philosophy and application of Subchapter K rules.

Level of Knowledge: Intermediate

CPE Credits: 8

Prerequisite: Understanding of LLC and partnership taxation

Acronym: LPWS

Discussion Leader: Norman Solomon, CPA

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