Overview
Partnership tax law is one of the most complex provisions in the Internal Revenue Code. To effectively serve your business and individual partner clients, you must have an excellent working knowledge of the Internal Revenue Code’s sophisticated partnership tax rules and regulations. Master the advanced concepts of partnership taxation to provide your clients with valuable advice and tax planning strategies. Updated with the most recent legislation and IRS guidance affecting partnerships and LLCs, the material will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered include special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and partnership interest sales.
Objectives
• Identify how to allocate income, gains, losses, and deductions among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities.
• Determine the risks taken by investors with respect to their investment in a partnership or LLC and allocate the entity’s liabilities accordingly.
• Determine the consequences of selling a partnership or LLC interest.
• Calculate the basis of partnership or LLC following distributions of multiple properties.
• Recognize how to plan for the effects of a distribution of multiple properties.
• Identify how to make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales, and/or transfers of interests in the partnership.
