Tax Fundamentals of LLCs and Partnerships

Authored by Robert Ricketts, Ph.D., CPA & Larry Tunnell, Ph.D., CPA
About this Course
Is LLC and partnership taxation something new to you? Perhaps you have worked in this area for years but need a quick review of the fundamental concepts? Use this CPE course to build a foundation of knowledge or freshen up your skills. The course addresses the tax consequences of the most common transactions engaged in by LLCs and partnerships. Develop a level of comfort with the basic conceptual framework underlying partnership and LLC taxation, with an emphasis on explaining the tax consequences associated with issues that are most frequently confronted by tax practitioners.
Learning Objectives
  • Recognize differences among the various types of partnerships and an LLC.
  • Describe how partnerships and LLCs opting to be treated as partnerships will report their federal taxable income to the IRS.
  • Determine the tax basis of assets transferred to a partnership or LLC at formation.
  • Explain the tax consequences and liabilities to a partnership/LLC of property transfers.
  • Distinguish between distributions and compensatory payments to partners and recognize tax consequences of each type of payment.
  • Apply the at-risk and passive activity loss limitations to pass-through losses from partnerships and LLCs.
Key Topics
  • Basic Tax Structure of Partnerships and LLCs
  • Electing to be Taxed as a Partnership: The “Check-the-Box” Rules
  • Tax Consequences of Partnership or LLC Formation
  • Partnership Distributions
  • Compensatory Payments to Partners
  • At-Risk and Passive Activity Limits
  • Profit and Loss Allocations: General Rules and Restrictions
  • Reporting Taxable Income for Partnerships and LLCs
Who will it benefit?
Public accounting staff, seniors, supervisors, and tax professionals in company finance or tax departments
$ 179.00
AICPA Member Price: $ 139.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
7.0
Prerequisites
None
Delivery Method
QAS Self-Study
Advance Preparation
None
Last Updated
01/04/2022
TSETFLP_16A-H_2