Vermont Society of Certified Public Accountants
Cart: 0 items


Advanced Critical Tax Issues for Limited Liability Companies and Partnerships

« View All Courses Add to Calendar

Registration Closed

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

Registration Closed view cart

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


• 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


• 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


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