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Credit Hours: 8
By: Bob Jennings CPA, EA
IRS Number: 5KBKR-T-00454-16-S
Our LLC/partnership discussion includes organizational income tax elections and definitions and then moves to a completed example Form 1065. We discuss converting an LLC to an S corporation and provide an example election. We then move to operating issues of an LLC such as guaranteed payments, tax-free formation, partner self-employment tax issues, basis, ownership transfers and the sale of a partnership interest. Several case studies illustrate, with tax forms, the effects of a “walk-away” partner as well as the 754 step-up basis election. An in-depth discussion of equity accounts is provided along with detailed analysis of debt basis. We conclude with example cases on step-up basis and dissolution.
Upon completion of this course, you will be able to-Prepare individual tax returns for partnerships and LLCs; Provide clients with the characteristics, advantages, and disadvantages of LLCs; Advise clients on forming a partnership or an LLC; Advise clients about methods of accounting and partnership/LLC tax returns; Properly treat partner and partnership items with regard to basis and calculate a partner’s basis; Advise clients on the proper treatment of members leaving an LLC and selling their interest.
Field of Study
**One exam credit is included at no charge with each product purchased. Additional exam credits can be purchased above. Exams can be taken up to 1 year from purchase date.
Credit Hours: 8
by Bob Jennings CPA, EA
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