Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials

A beginner's guide or a refresher on the essential elements of partnership and LLC taxation.

Learning Objectives:

'- Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.

- Identify the tax basis of assets transferred to a partnership or limited liability company (LLC) at formation.

- Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.

- Indicate the correct treatment of partnership income by a partner for self-employment tax purposes.

- Distinguish between current and liquidating distributions.

- Recall whether special allocations called for in a partnership agreement will be allowable under the Section 704(b) regulations and when they will not be recognized by the IRS.

Who will benefit:

- public accounting staff and seniors

- tax professionals in company finance or tax departments

This is an AICPA hosted webcast. You will launch the course from your OSCPA learning center portal. AICPA will issue and maintain your credits. Please make sure to download your CPE certificate from AICPA webcast portal at the conclusion of the webcast.