Vermont Society of Certified Public Accountants
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Courses

Advanced Critical Tax Issues for Limited Liability Companies and Partnerships

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Member Price: $365.00
Non-Member Price: $440.00

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Date/Time:
Dec 18, 2017, 8:30am–4:30pm
Venue:
Capitol Plaza Hotel
100 State St.
Montpelier, VT 05602
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Developer:
Surgent McCoy CPE, LLC
CPE Credits:
8.00
Field of Study:
Taxes, Taxation
Level:
Advanced
The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Objective

• 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
• Discuss a case study to improve advocacy skills before the IRS

Highlights

• 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, and the atrisk basis rules
• Distributions: is it just a disguised sale?
• 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 new tax on investment income on the sale of an interest in a partnership or LLC

Prerequisite

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