Delving into the Top Twelve Issues for Partnerships, LLCs,Scorps [DTT Anc]

Full Description

Delving into the Top Twelve Issues for Partnerships, LLCs and S Corps

August 6, 2010
Anchorage, Alaska

$295 AKCPA Member Fee
$370 Non Member Fee

This course reviews specialized issues in the taxation of partnerships, LLCs and S Corps. Twelve common issues, each providing significant tax-planning opportunities or potential traps for the unwary, are identified and the tax consequences associated with different types of pass-through entities are explored. Case studies are included with each issue to illustrate how seemingly routine transactions often trigger complex or unexpected tax provisions. Some studies also illustrate how entity choice affects the ultimate tax consequences associated with a particular transaction.

Objectives
Upon completion of this course, participants will be able to:
Analyze pass-through entity balance sheets to recognize potential tax opportunities or costs
Consider and evaluate alternative approaches to common transactions that may take advantage of opportunities or minimize costs
Recognize how multiple provisions of the tax law are applied simultaneously to complex transactions
More thoroughly evaluate the impact of entity choice on different types of transactions, ranging from the renegotiation of debt instruments to liquidating distributions to owners, to determining the owners liability for self-employment taxes

Highlights
Tax implications of different options for restructuring troubled debt
Protecting LLC members at-risk amounts for tax purposes
Estate tax planning using family limited partnerships
Properly structuring distributions to retiring or expelled partners to maximize tax benefits to the partnership/LLC and the departing partner/member
Planning for compensatory transfers of partnership interests, including issuance of partnership options
Effective use of partnerships in planning Sec. 1031 exchanges
Potential application of Sec. 704(c) following partnership capital account book-ups and partnership mergers
Application of self-employment tax rules to partnerships and LLCs, including application to Sec. 1402 retirement distributions to partners or LLC members
Assessing the character of pass-through items to non-participatory partners (including LLC members)
Using single-member LLCs in tax planning

Who Will Benefit
Tax practitioners whose client base includes significant pass-through entity clients, or clients with interests in pass-through entities

Level: Advanced

CPE Credit Hours: 8
NASBA Field of Study: Taxes
Prerequisite: Intermediate courses in taxation of partnerships & LLCs and taxation of S Corps, or equivalent knowledge or experience
Acronym: DTT
Discussion Leader: Bruce Nelson MA, CPA
Ehrhardt, Keefe, Steiner & Hottman, P.C. / Denver, CO

Bruce M. Nelson is a CPA with the firm of Ehrhardt, Keefe, Steiner & Hottman, P.C. Prior to joining EKS&H he practiced as a CPA with Silverstein & Pomerantz. Bruces experience also goes back to two years as the Manager of Tax Policy at the State of Colorado.

Before that, he was a Senior Tax Manager for several years in a Big Four accounting firm, where he ran the state and local tax desk. Bruce earned his B.A. degree from the University of Nebraska-Lincoln and a Masters degree from Colorado State University and is a licensed CPA Colorado. He is on the adjunct faculty for Regis University where he teaches courses in individual, partnership, and corporate taxation. He is a frequent seminar speaker teaching continuing education in state and local tax for the University of Denvers Graduate Tax Program, the Colorado Society of CPAs, and the American Institute of CPAs.

Bruce has published more than forty tax articles in many publications including the Journal of Accountancy, Tax Executive, Controller Magazine, the Journal of Multistate Taxation, State Tax Notes, and Colorado Lawyer. Bruce is the author of AICPAs CPE courses Multistate Income Tax: Simplifying the Complexities and also Sales and Use Tax: Guide to Doing it Right. A former columnist for the Journal of State Taxation, he is also the co-author of the Sales and Use Tax Answer Book and co-editor of the Guidebook to Colorado Taxes, both published by Commerce Clearing House. He is a member of the American Institute of Certified Public Accountants and the Colorado Society of Certified Public Accountants.

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