LLC and Partnership Taxation: Beyond the Basics

Learn to recognize the provisions necessary in an LLC or partnership agreement to sustain special allocations of income or loss. Partnerships and LLCs are subject to highly specialized rules regarding the allocation of gain, loss, depreciation and other tax attributes associated with contributed property. Complex rules also apply to the allocation of recourse and non-recourse liabilities. When a partner or LLC member decides to withdraw some or all of his/her capital investment in the entity, the tax consequences can be complex. Move your working knowledge of partnership and LLC taxation beyond the basics.

• Determine the consequences of selling a partnership or LLC interest
• Adjust the basis of partnership or LLC property following distributions of multiple properties
• Allocate income, gain, loss and deduction among partner/members to properly reflect their agreed upon interests in partnership or LLC economic activities
• Make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales and/or transfers of interests in the partnership

Prerequisite:  Completion of the AICPA course Taxation of LLCs, LLPs, LPs and Other Partnerships or equivalent knowledge and experience