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Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
Tax
CPE Self-study

Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials

Gain the technical knowledge and expertise to respond to the needs of new and existing clients.

$145 - $205
Do you have an AICPA membership? Log in to apply your member discount.

Format

Online

NASBA Field of Study

Taxes

Level

Basic

CPE Credits

10

Author(s)

Robert Ricketts, Larry Tunnell

Availability

1 year

Product Number

TSETFLP21SSO

 Business & partner 
Product Details

Save when you buy the complete Tax Staff Essentials, Level 1 online bundle..

LLC and partnership taxation

Hone your skills

Gain – or refresh – your knowledge about the complex areas of LLC taxation and partnership taxation. Understand the fundamental concepts to build a strong foundation of knowledge, and freshen up your skills.

Most common transactions

Learn about the tax consequences of the most common transactions engaged in by LLCs and partnerships. Understand how to explain to clients the tax consequences associated with issues that are most frequently confronted by tax practitioners.

Who Will Benefit

  • Public accounting staff and seniors
  • Tax professionals in company finance or tax departments

Key Topics

  • Basic tax structure of partnerships and LLCs
  • Electing to be taxed as a partnership: “Check-the-box” rules
  • Tax consequences of a partnership or LLC formation
  • Partnership distributions
  • Compensatory payments to partners
  • At-risk and passive activity limits
  • Profit and loss allocations: General rules and restrictions
  • Reporting taxable income for partnerships and LLCs

Learning Outcomes

  • Identify the effects of investor contributions and distributions on their basis in a partnership or LLC interest.
  • Recognize 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.
  • Estimate the partner’s or member’s remaining basis in interest following a distribution of cash or property from the partnership or LLC.
  • Distinguish 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.
  • Recognize whether special allocations required under Section 704(c) have been made on a partnership or LLC tax return.
Credit Info
CPE Credits
Online
10
NASBA Field of Study
Taxes
Level
Basic
Prerequisites
None
Access
Online
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
Pricing
Do you have an AICPA membership? Log in to apply your member discount.
Nonmembers
Online
$205.00
AICPA Members
Online
$165.00
Tax Section Members
Online
$145.00

Group ordering for your team

2 to 5 registrants

Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.

Start order

6+ registrants

We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org

Contact us
Instructors
Robert Ricketts
Ph.D., CPA
"Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D., which he received from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior. Ricketts' tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA, and a forthcoming book on comparative taxation written by an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation, and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. He teaches at both the undergraduate and graduate levels, and works extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world."
Larry Tunnell
Ph.D., CPA
Accessibility

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Tax Fundamentals of LLCs and Partnerships - Tax Staff Essentials
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Online
$205.00
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$205.00
Price excluding sales tax
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Do you have an AICPA membership? 
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Shipping cost and sales tax will be added later during checkout

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