Kentucky Society of Certified Public Accountants

Overview

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Prerequisites

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

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

Highlights

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
Section 199A, technical termination of partnership repealed, other issues under 2017 Act, including final regulations, which answer some of the questions not addressed by Section 199A itself
Override of some provisions of TCJA by the CARES Act

Register Now

Materials are generally available 3 days in advance of an event. Once you have downloaded the manual, we are unable to cancel your registration.

Event Code:

SUS0045

8 CPE Credits

Tax: 8 Credits

Registration

Member Price:

$189

Non-member Price:

$239