Advanced Tax Strategies for LLCs and Partnerships

What works best for your client? Learn the pros and cons of the LLC, general partnership, limited partnership, and limited liability partnership by focusing on planning and potential tax traps. This CPE course offers a review of distinct advantages of these entities coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, we will explore some of the more intricate rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics.

Learning Objectives
This course will prepare you to do the following:

Analyze a partnership or LLC agreement to determine whether any special allocations in the agreement will be allowed under Code Section 704(b)
Identify the potential economic
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Key Topics
Allocation of Partnership and LLC Income Under Section 704(b)
Allocations With Respect to Contributed Property: Section 704©(1)(A)
Allocation of Partnership Recourse Liabilities Under Section 752
Allocation of Partnership Nonrecourse Liabilities and Related Deductions Under Sections 752 and 704(b)
Advanced Distribution Rules
Adjustments to the Basis of Partnership or LLC Assets
Sale of an Interest in a Partnership or LLC
Who Will Benefit?
Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships