Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships
January 21st, 2025 - January 21st, 2025 @ 10:00AM-6:00 PM
| Member Price | $279 |
| Non-Member Price | $309 |
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Credits
8Description
The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.Objectives
- 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
- Complete a case study to improve advocacy skills before the IRS
Major Subjects
- Coverage of the Inflation Reduction Act of 2022
- 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, the at-risk basis rules, and new regulations restricting “bottom dollar” guarantees
- Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions
- 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? See, in particular, TCJA and CARES override
- 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 tax on investment income on the sale of an interest in a partnership or LLC
- Repeal of technical termination of partnership provision