October 22, 2024

Live Webcast

NYSED 8

Partnership and LLC Core Tax Issues From Formation Through Liquidation Webcast

October 22, 2024
Live Webcast
NYSED 8
  • View Bio

    Instructor

    Randy
    Newton

    View Bio

    Randy Newton

    Bio
    Randy C. Newton, CPA, is president/partner and founder of Newton Greene & Associates, PLLC. Randy’s area of expertise is the Corporate, Partnership and Individual Income Tax utilizing a pro-active tax planning model that streamlines, simplifies and works to reduce tax liabilities for small businesses. In addition, he specializes in tax research with a focus on SC and NC state and local issues. Prior to founding of Newton Greene, Randy worked with First Union National Bank in their Corporate Accounting and Capital Markets Division.
  • Reporting requirements for Schedules K-2 and K-3
  • Capital account reporting requirements
  • Schedule K-1 reporting for §743 adjustments
  • Schedule K-1 reporting for §704 gains and losses
  • Comprehensive case on partnership/partner application of the business interest deduction
  • When to use “704(b) basis” for capital accounts versus “tax basis”
  • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional & curative allocation methods
  • Multiple layers of §704(c) allocations
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and its implication on each partner’s own tax return
  • How §179 limitations affect partnership/LLC basis
  • Regulations for handling basis step-ups under §754 elections, and mandatory adjustments under §743 and §734 for partnerships who have NOT made the §754 election
  • Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
  • Capital account adjustments in connection with admission of new member
  • Special allocations require "substantial economic effect"; what are the requirements?
  • LLCs and self-employment tax to the members
  • Distributions -
  • current or liquidating, cash or property including the substituted basis rule
  • Termination/liquidation of an LLC

Learning Objectives

  • Prepare more complicated partnership returns
  • Understand certain advanced concepts of partnership taxation

Major Topics

  • Reporting requirements for Schedules K-2 and K-3
  • Capital account reporting requirements
  • Schedule K-1 reporting for §743 adjustments
  • Schedule K-1 reporting for §704 gains and losses
  • Comprehensive case on partnership/partner application of the business interest deduction
  • When to use “704(b) basis” for capital accounts versus “tax basis”
  • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional & curative allocation methods
  • Multiple layers of §704(c) allocations
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and its implication on each partner’s own tax return
  • How §179 limitations affect partnership/LLC basis
  • Regulations for handling basis step-ups under §754 elections, and mandatory adjustments under §743 and §734 for partnerships who have NOT made the §754 election
  • Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
  • Capital account adjustments in connection with admission of new member
  • Special allocations require "substantial economic effect"; what are the requirements?
  • LLCs and self-employment tax to the members
  • Distributions -
  • current or liquidating, cash or property including the substituted basis rule
  • Termination/liquidation of an LLC

CPE Credits Available

NYSED 8
8
Taxation (NYSED) - NYSED

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Taxation (NYSED)

Prerequisites

Knowledge and experience in business taxation

Advanced Preparation

Knowledge and experience in business taxation

Intended Audience

Experienced Accounting and Financial Professionals desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems.

Provider

Surgent McCoy CPE LLC

This event has ended.