Course ID: PTEA

Pass Through Entities: Advanced Tax Issues

This program is a fast paced “double header” . . . designed for the CPA who is well grounded in the basics of Subchapter K and Subchapter S, who wants to learn how to deal with some of the more complex issues these two pass-through entities often present. PARTNERSHIPS and LLCs – Allocation of basis in debt (Sec. 752); step up in basis upon transfer (Sec. 754); disguised sales (Sec. 707); abandonment of partnership interest (deemed distribution issues); reallocation of depreciation; determining LLC member’s SE income; this part of the program builds on your basic understanding of partnership tax law and prepares you to handle complex partnership transactions. S CORPORATIONS – Shareholder basis; reasonable shareholder compensation; trusts as S corporation shareholders; S corporation mergers, split-ups, and liquidations; built-in gain; C corporation earnings and profits; special calculations when terminating or revoking elections; complexities of AAA; and dealing with QSubs; and back -to-back loans; this part of the program answers the difficult “Sub S” questions and clarifies how S corporations and partnerships are very different.


LEARNING OBJECTIVES
  • Recognize tax traps unique to pass-through entities
  • Understand differences between partnerships, LLCs, and S corporations
  • Deal with common ownership changes
  • Plan for unique S corporation and/or partnership and LLC transactions
  • Apply rules properly when reporting income and other items to owners
  • Properly account for tax adjustments
  • Determine reasonable compensation and guaranteed payments for SE or FICA tax

MAJOR TOPICS
  • Contributions of property in exchange for ownership interest
  • Liabilities and their effect on owners’ basis
  • Back-to-back loan regulations
  • “Open Account Debt” regulations
  • Mergers, split-ups, and liquidations
  • Owners’ distributive share -special allocations
  • Built-in Gain – how to calculate and plan for it
  • Excess passive investment income – what it is and isn’t
  • Optional adjustments to the basis of entity property . . . Sec. 754 election
  • Distributions and payments to a retiring owner
  • Impact of the net investment income tax on partnerships and S corporations
  • Current developments- New law, cases and rulings

DESIGNED FOR
CPAs who advise clients on pass-through entity transactions and tax compliance.

FIELD OF STUDY
Taxes

PREREQUISITES
None

COURSE PRODUCER
Nichols Patrick CPE, Inc

CPE CREDITS
8.0

LEVEL
Advanced

This course is available for your group as:

Group Live
 

Let's Roll!

To learn more or customize this course for your group, complete this form and a BLI team member will get back with you shortly.


Or, contact BLI: 888-481-3500 or learn@blionline.org