LP10
SURGENT MCCOY’S TOP 10 TAX ISSUES IN DEALING
WITH LLCS AND PARTNERSHIPS Partnerships and LLCs involve unique problems that require careful attention. This course covers selected critical tax issues that practitioners need to know when working with partnerships and limited liability companies, with a focus on planning opportunities and pitfalls. Major Topics
- Self-employment tax issues: what you can and cannot do
- Determining basis: key issues and technical analysis in calculating basis
- Capital accounts: book vs. tax issues
- Passive losses: keeping track of suspensions
- Special allocations: flexibility and complexity
- Dealing with debt: recourse, nonrecourse, qualified nonrecourse, and why it matters
- Retirement plan issues: planning options
- Distributions: cash and property, liquidations vs. operations
- Guaranteed payments, distributive shares, and draws: understanding the difference
- Basis step-ups: the basic issues
- Hot assets: beware of this complicated tax issue
Learning Objectives
- To identify and distinguish guaranteed payments, distributive shares, draws, and other current and liquidating distributions of cash or property
- To understand the relationship between capital account maintenance and outside basis adjustment
- To define various kinds of partnership liabilities and explain the tax consequences of each
Designed For:
CPAs who wish to gain a more in-depth understanding of LLC and partnership tax law.
Level of Knowledge: Intermediate
Prerequisites: A basic course in partnership theory or experience in tax compliance or planning for partnerships and LLCs
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