Surgent's Advanced Critical Tax Issues for Limited Liability Companies andPartnerships

The start date for this course has passed. Registration is no longer available.

This course is 8.00 credits
Facility Name
Four Points by Sheraton Wakefield
Facility Address
1 Audubon Rd
Wakefield, MA 01880-6226
Fields of Study
CFP, Tax
Course Level
Surgent McCoy CPE LLC

Registration Fees

MSCPA Member
AICPA Member
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Tuesday, Nov 19, 2019
8:45am – 4:30pm

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Designed For

CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

Course Objectives

Learning Objectives:  Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships  Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse  Discuss the impact of cash and property distributions  Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership  Case study to improve advocacy skills before the IRS

Major Subjects

Major Topics:  Single-member limited liability companies as an alternative to subsidiaries  Cancellation of indebtedness: rules and regulations  How the IRS views members or partners for Social Security purposes  Special problems when forming an LLC  Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting "bottom dollar" guarantees  Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions  Death or retirement of a member or partner -- Understanding the alternatives  Step-up in basis issues -- How to make the computations and elections  Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property  Partnership losses: when are they deductible?  Material participation rules for LLC members and limited partners: how they affect passive loss issues  Continuation and termination of an LLC/partnership in the context of a merger or acquisition  Sales of an LLC Interest -- holding period, and hot asset issues  Impact of the tax on investment income on the sale of an interest in a partnership or LLC  New: Section 199A, technical termination of partnership repealed, other issues under 2017 Act


A basic course in LLCs/partnerships or equivalent knowledge and experience

The start date for this course has passed. Registration is no longer available.