Partnership and LLC Taxation-Advanced Issues

Course Details


Thursday, September 17, 2020

7:30am – 3:00pm (Registration: 7:00am)



Field of Study


CPE Credit

8 hours CPE credit

Level of Knowledge





Advanced knowledge of partnership and LLC taxation


Congress has modified the audit rules for partnerships, adding additional complexity to
an already complex area. This program covers allocation of basis in debt, step up in basis upon transfer, disguised sales, abandonment of partnership interest, special allocations
of income and deductions, reallocation of depreciation among partners, reporting income from forgiveness of indebtedness, determining an LLC member's self-employment income, and more. This is the program that gets participants ready to help their clients plan partnership and limited liability company transactions to minimize taxes.


 Special tax considerations when organizing a partnership
 Contributions of property to capital-Secs. 721, 722, and 723
 Liabilities and their allocation to owners' basis-Sec. 752
 Determination of owners' distributive share including special allocations-Sec. 704(b)
 Adjustments for contributed property-Sec. 704(c)
 Optional adjustments to the basis of entity property-Sec. 754 election
 Distribution of "HOT" assets-Sec. 751
 Payments to a retiring partner or member-Sec. 736
 Qualified business income and its interaction with partnerships
 Current developments-court cases and IRS rulings


Participants will be able to:
 Recognize tax traps and pitfalls in the organization and operation of partnerships and LLCs
 Calculate the special allocations required for Section 704(c) property
 Deal with common ownership changes
 Handle Section 754 elections and related adjustments
 Apply rules properly when passing income and other items through to owners
 Plan and properly account for income from forgiveness of debt
 Handle the balance sheet after required tax adjustments
 Explain how the consolidated partnership audit regime (CPAR) audits differ from those conducted under TEFRA rules

Designed For

Practitioners who advise their clients regarding planning for partnership and/or limited liability company transactions and/or who have review responsibility for partnership
or limited liability company tax compliance. May also be suitable for public practice.

Registration for this course has passed.

Course Pricing

WYOCPA Member Fee

Non-Member Fee

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