Delving into the Top Twelve Issues for Partnerships, LLC & Scorp [DTT Anc]

Full Description

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

August 9, 2012

Location:
Alaska Society of CPAs
341 West Tudor Rd. #105
Anchorage, Alaska 99503

$295 Member Fee
$445 Non Member Fee
$30 Discount for AICPA Members

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
Credits: 8 (Accepted for CMA and CFM continuing education credit)
Field of Study: 8-Taxes
Prerequisite: Intermediate courses in taxation of partnerships & LLCs
and taxation of S Corps, or equivalent knowledge or experience
Acronym: DTT
Discussion Leader: 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 LLCs, 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.

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