Advanced Taxation of Partnerships & LLCs: Basis, Distributions, and Sales of Interest - Tax Staff Essentials
Upskilling tax professionals on essential topics in partnership taxation.
Format
Online
NASBA Field of Study
Taxes
Level
Advanced
CPE Credits
3.5
Author(s)
Larry Tunnell, Robert Ricketts
Availability
1 year
Product Number
TSEAPLADR24SSO
Leveling up on foundational Subchapter K topics
Subchapter K, which covers partnership taxation, is extensive and always subtly changing. This course, an excerpt of Advanced Taxation of Partnerships & LLCs – Tax Staff Essentials, will deepen your knowledge in partnership tax basis, distributions, and sales of interest rules.
Advanced distribution rules for advanced situations
Sometimes, your partnership and LLC clients want to complete transactions that can have complex tax effects. This course explains about the taxation of:
- Liquidating and nonliquidating distributions
- Property basis calculations
- Gain on the sale of a partnership interest
Who Will Benefit
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships
Key Topics
- Advanced distribution rules
- Adjustments to the basis of partnership or LLC assets
- Sale of an interest in a partnership or LLC
Learning Outcomes
- Calculate the basis of each property received by a partner or member receiving multiple properties in a nonliquidating distribution from a partnership or LLC.
- Assess when a partnership or LLC should make a Section 754 election in order to allow it to adjust the basis of its assets.
- Assess required basis adjustments among partnership or LLC assets.
- Calculate the gain on the sale of a partner’s or member’s interest in a partnership or LLC and determine the character of the gain.
- Analyze the sale of a partnership interest and calculate the amount of gain that must be treated as ordinary income under Section 751(a).
- Evaluate how the installment method will affect how a partner will report the partner’s gain or loss on the sale of a partnership interest.
- Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Email client.support@aicpa-cima.com
US customers call 1-800-634-6780 (option 1)
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