Self-Study

Surgent's Advanced Critical Tax Issues for Limited Liability Companies and Partnerships

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The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Major subjects

• Coverage of the Inflation Reduction Act of 2022
• Single-member limited liability companies as an alternative to subsidiaries
• Cancellation of indebtedness: rules and regulations
• How the IRS views members or partners for Social Security purposes
• Special problems when forming an LLC
• Debt issues and problems in structuring LLCs and LLPs, including loan guarantee issues, recourse and nonrecourse debt, the at-risk basis rules, and new regulations restricting "bottom dollar" guarantees
• Distributions: is it just a disguised sale? New regulations eliminate certain tax-deferred leveraged partnership transactions
• Death or retirement of a member or partner -- Understanding the alternatives
• Step-up in basis issues -- How to make the computations and elections
• Property transactions between the LLC/LLP and its members or partners -- Inbound and outbound transactions: what to do with built-in gain or loss property
• Partnership losses: when are they deductible? See, in particular, TCJA and CARES override
• Material participation rules for LLC members and limited partners: how they affect passive loss issues
• Continuation and termination of an LLC/partnership in the context of a merger or acquisition
• Sales of an LLC Interest -- holding period, and hot asset issues
• Impact of the tax on investment income on the sale of an interest in a partnership or LLC
• Repeal of technical termination of partnership provision

Learning objectives

• Identify the tax and non-tax advantages and disadvantages of LLCs and partnerships
• Describe how inside and outside basis is affected by liabilities, recourse and nonrecourse
• Discuss the impact of cash and property distributions
• Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership
• Complete a case study to improve advocacy skills before the IRS

Who should take this program?

• Accounting and financial professionals with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $199.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.