Tax Fundamentals of LLCs and Partnerships – Tax Staff Essentials

Overview

A beginner’s guide or a refresher on the essential elements of partnership and LLC taxation.

Highlights

Basic tax structure of partnerships and LLCs

Electing to be taxed as a partnership: "Check-the-box" rules

Partnership distributions

Compensatory payments to partners

At-risk and passive activity limits

Profit and loss allocations: general rules and restrictions

Designed For

Public accounting staff and seniors

Tax professionals in company finance or tax departments

Objectives

Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
Calculate the tax basis of assets transferred to a partnership or LLC at formation.
Recognize the tax consequences of a transfer of liabilities to a partnership or LLC in connection with property transfers at formation.
Calculate the partner's or member's remaining basis in their interest following a distribution of cash or property from the partnership or LLC.
Calculate the amount of the guaranteed payment when the partner is to receive the lesser of a fixed dollar amount or a fixed percentage of partnership income.
Distinguish between "book" allocations required under Section 704(b) and "tax" allocations required under Section 704(c).
Identify the potential economic consequences of a special allocation to a partner or LLC member.

Notice

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