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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Partnership and LLC Taxation: Advanced Issues (PTAI)

(Updated for the Tax Cuts and Jobs Act) 8-Hour Program

WHY ATTEND THIS COURSE?

Congress has modified the audit rules for partnerships, adding additional complexity to an already complex area. This program covers allocation of basis in debt, step up in basis upon transfer, disguised sales, abandonment of partnership interest, special allocations of income and deductions, reallocation of depreciation among partners, reporting income from forgiveness of indebtedness, determining an LLC member’s self-employment income, and more. This is the program that gets participants ready to help their clients plan partnership and limited liability company transactions to minimize taxes.

DESIGNED FOR...

CPAs who advise their clients regarding planning for partnership and/or limited liability company transactions and/or who have review responsibility for partnership or limited liability company tax compliance. May also be suitable for public practice.

OBJECTIVE

Participants will be able to:

  • Recognize tax traps and pitfalls in the organization and operation of partnerships and LLCs
  • Calculate the special allocations required for Section 704(c) property
  • Deal with common ownership changes
  • Handle Section 754 elections and related adjustments
  • Apply rules properly when passing income and other items through to owners
  • Plan and properly account for income from forgiveness of debt
  • Handle the balance sheet after required tax adjustments

MAJOR SUBJECTS

  • Special tax considerations when organizing a partnership
  • Contributions of property to capital—Secs. 721, 722, and 723
  • Liabilities and their allocation to owners’ basis—Sec. 752
  • Determination of owners’ distributive share including special allocations—Sec. 704(b)
  • Adjustments for contributed property—Sec. 704(c)
  • Optional adjustments to the basis of entity property—Sec. 754 election
  • Distribution of “HOT” assets—Sec. 751
  • Payments to a retiring partner or member—Sec. 736
  • Qualified business income and its interaction with partnerships
  • The revised consolidated audit regime
  • Current developments—court cases and IRS rulings

COURSE ACRONYM: PTAI

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Advanced

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Partnership Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.