Advanced Partnerships & LLC Issues [ARLLC Fbx]

Aug 19, 2013
Time: 8-4

Subject:

Tax

Credit Hours:

8.00

Price:

Member: $295.00
Non-member: $445.00

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Discussion Leader:

John Connors, JD, CPA, LLM    more info

Prof. John J. Connors, J.D., C.P.A., LL.M.
As an accounting graduate of La Salle University in Philadelphia, Prof. Connors went on for his law degree at the
University of Notre Dame, graduating in 1980. After serving as an instructor in the School of Business
Administration, he obtained his Masters of Law in Taxation at the University of Miami Law School in Coral Gables,
Florida. He then served on the graduate tax faculty at the University of Wisconsin’s School of Business in
Milwaukee, WI.
His professional background includes experience in income and estate tax planning, as well as individual,
partnership and corporate tax return preparation and research as a senior tax consultant for Price Waterhouse in
the Philadelphia and South Bend offices. Prof. Connors also worked on expatriate and corporate tax matters as
an international tax consultant for the Chrysler Corporation in London, England.
Prof. Connors currently conducts a national consulting practice designed especially for tax professionals based
out of Milwaukee, WI. He also publishes a tax newsletter devoted exclusively to practitioners entitled the Monthly
Tax Update. He has been the outside editor for CCH’s Federal Tax Course, and has spoken at numerous tax
institutes, workshops and conferences around the country. And, his “Complete Guide to Depreciation, Amortization
& Transfers of Property - Issues, Strategies & Answers” is sold to tax practitioners throughout the U.S., along with
a brand new publication entitled “LLCs Taxed as Partnerships.”
As a nationally known speaker on a variety of tax topics, Prof. Connors has consistently earned average overall
ratings in excess of 4.7 (i.e., on a 5.0 scale) for his knowledge and presentation skills, as well as the quality of his
materials. In 2013, he was selected to receive the Sid Kess Award for Excellence in Continuing Education by the
American Institute of CPAs. And, on any item that he has presented in his materials, he is available for follow-up
questions, a factor much-appreciated by those practitioners attending his seminars.

Prof. John J. Connors, J.D., C.P.A., LL.M.As an accounting graduate of La Salle University in Philadelphia, Prof. Connors went on for his law degree at theUniversity of Notre Dame, graduating in 1980. After serving as an instructor in the School of BusinessAdministration, he obtained his Masters of Law in Taxation at the University of Miami Law School in Coral Gables,Florida. He then served on the graduate tax faculty at the University of Wisconsin’s School of Business inMilwaukee, WI.His professional background includes experience in income and estate tax planning, as well as individual,partnership and corporate tax return preparation and research as a senior tax consultant for Price Waterhouse inthe Philadelphia and South Bend offices. Prof. Connors also worked on expatriate and corporate tax matters asan international tax consultant for the Chrysler Corporation in London, England.Prof. Connors currently conducts a national consulting practice designed especially for tax professionals basedout of Milwaukee, WI. He also publishes a tax newsletter devoted exclusively to practitioners entitled the MonthlyTax Update. He has been the outside editor for CCH’s Federal Tax Course, and has spoken at numerous taxinstitutes, workshops and conferences around the country. And, his “Complete Guide to Depreciation, Amortization& Transfers of Property - Issues, Strategies & Answers” is sold to tax practitioners throughout the U.S., along witha brand new publication entitled “LLCs Taxed as Partnerships.”As a nationally known speaker on a variety of tax topics, Prof. Connors has consistently earned average overallratings in excess of 4.7 (i.e., on a 5.0 scale) for his knowledge and presentation skills, as well as the quality of hismaterials. In 2013, he was selected to receive the Sid Kess Award for Excellence in Continuing Education by theAmerican Institute of CPAs. And, on any item that he has presented in his materials, he is available for follow-upquestions, a factor much-appreciated by those practitioners attending his seminars.

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Website registration for this course closes on August 18, 2013. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

ADVANCED PARTNERSHIPS AND LLC ISSUES

Date: August 19, 2013

Facility: Westmark Fairbanks Hotel
813 Noble Street
Fairbanks, Alaska

Increasingly, we are seeing LLCs being used for trades or businesses. They are no longer simply being used to hold or develop real estate. In addition, they are a vital tool in estate planning for family-owned assets. However, given the complexity of the partnership tax provisions, how proficient are we in applying these rules to our clients? This workshop will give a thorough overview of how LLCs operate, from formation, through operations and upon their termination, either by dissolution or by various members exiting the entity.

Major Topics:
Choice of entity - Being taxed as a corporation or a partnership
Formation issues including the disguised sale rules
Distributions of contributed property within seven years to other owners
Receipt of LLC interest in exchange for services
Contributions of encumbered property to LLC resulting in unexpected gain
Filing requirements when holding real estate in an LLC
LLCs as an estate planning tool
Entity vs. aggregate theory in partnership taxation
Understanding LLC agreements
Using SMLLCs to avoid complex consolidated return or QSUB rules
Treatment of interest expense incurred to loan vs. purchase an interest in LLCs
How ones basis in their LLC interest is calculated
Taking of K-1 losses especially in light of the at-risk and passive loss rules
Treatment of suspended losses in future tax years
Avoiding employment taxes through use of the varying interest rules
Sales of LLC interests and the Sec. 751 hot asset rules
Using a Sec. 754 election to step up inside basis
Tax consequences for transfer of interest due to death or retirement


These issues and much more will be covered as part of this in-depth analysis of LLCs which choose to be taxed as partnerships. In addition, participants will receive a 200+ page manual as a handy reference source for their day-to-day practice.

Designed For: CPAs

Level of Knowledge: Intermediate

CPE Credits: 8

Prerequisite: Experience in preparing Form 1065 and an understanding of basis partnership tax rules and regulations

Acronym: APLLC

Discussion Leader: Professor John Connors
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