Description
Subchapter K, which covers partnership taxation, is extensive and always subtly changing. Course materials cover all the rules and regulations, including explanations of advanced concepts, to help you effectively serve your business and individual partner clients.
This course can help you to master the advanced concepts of partnership taxation, so you can provide your clients with valuable advice and tax planning strategies. Updated with the most recent legislation and IRS guidance affecting partnerships and LLCs, this course will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in this course include special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.
- Qualifies for IRS CE
This event is part of ISCPA's 2025 Tax School - Level 2. This 3-day experience includes 4 complete courses and covers key areas that will expand the depth and breadth of your staff's tax knowledge and ensure they have the confidence and skills to work with greater independence and to expand their roles.
Designed For
Objectives
When you complete this course, you will be able to:
- Calculate what a partner will receive in complete liquidation of their partnership interest under Section 704(b) regulations.
- Identify the potential economic consequences of special allocations to a partner or LLC member.
- Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
- Identify the potential tax consequences when a partner or LLC member makes a contribution of appreciated or depreciated property to the entity.
- Distinguish among the various methods prescribed by the regulations to make required special allocations with respect to contributed property.
- Distinguish between recourse and nonrecourse liabilities of a partnership or LLC.
- Calculate the basis of each property received by a partner or member receiving multiple properties in liquidating and nonliquidating distributions from a partnership or LLC.
- Recognize which properties will receive a step up or step down in basis when multiple properties are received from a partnership or LLC.
- Assess when a partnership or LLC should make a Section 754 election to allow it to increase or decrease the basis of its assets.
- Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC.
Highlights
- Allocation of partnership and LLC income under IRC Section 704(b)
- Allocations with respect to contributed property - Section 704(c)(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
- "Hot" assets and Section 751 (a)
- Section 754 elections; Sections 734(b) and 743(b) adjustments - Section 708 technical termination
Advanced Prep
- Download PDF manual - view your upcoming events in "My CPE" on website
- Test your computer/device for compatibility with virtual meeting space well in advance of your webinar
If you need this reported to the IRS for CE credit, email CPE@idcpa.org
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Leaders
Brian Gosline
Brian Gosline, CPA, JD Spokane, WA
2015 AICPA OUTSTANDING DISCUSSION LEADER AWARD RECPIENT
BRIAN G. GOSLINE's primary practice is in individual, corporate, partnership and estate and gift taxation and planning as well as valuations. Mr. Gosline received his B.B.A. and J.D. degrees from Gonzaga University in Spokane. He is a member of the Washington State Bar Association and Spokane County Bar Association. Mr. Gosline is a C.P.A. and is a Past President of the Washington Society of Certified Public Accountants and formerly served on the Board of Directors and as Chair of numerous WSCPA Committees. He was also a member of Council of the American Institute of Certified Public Accountants, the governing body of the 412,000 member AICPA. Mr. Gosline was President of the Gonzaga University Alumni Board of Directors and a member of the Gonzaga University Board of Regents. He has served as an officer and member of numerous boards of financial institutions, non-profit and charitable organizations and is a Past President of Spokane South Little League. He has spoken before various groups on corporate and individual tax matters as well as estate and gift taxation and has written numerous articles for national and local publications involving various issues of income, estate and gift tax planning. He was named an Outstanding Discussion Leader by the AICPA for 2015. Since 1990, he has been an adjunct professor of federal taxation and business law at the Gonzaga University Graduate School of Business where he was named MACC Faculty of the Year for 2010-2011.