Advanced Taxation of Partnerships & LLCs: Basis, Distributions, and Sales of Interest - Tax Staff Essentials

Leveling up on foundational Subchapter K topics

Subchapter K, which covers partnership taxation, is extensive and always subtly changing. This course, an excerpt of [Advanced Taxation of Partnerships & LLCs – Tax Staff Essentials] (https://www.aicpa-cima.com/cpe-learning/course/advanced-taxation-partnerships--llcs---tax-staff-essentials), will deepen your knowledge in partnership tax basis, distributions, and sales of interest rules.

Advanced distribution rules for advanced situations

Sometimes, your partnership and LLC clients want to complete transactions that can have complex tax effects. This course explains about the taxation of:

• Liquidating and nonliquidating distributions
• Property basis calculations
• Gain on the sale of a partnership interest

Who Will Benefit

Managers and partners in public accounting who assist clients with tax planning for closely held LLCs and partnerships

Key Topics

• Advanced distribution rules
• Adjustments to the basis of partnership or LLC assets
• Sale of an interest in a partnership or LLC

Learning Outcomes

• Evaluate the tax implications arising from non-liquidating distributions consisting of either cash or property.
• Categorize a partner’s total tax basis between the partner’s remaining partnership interest and the cash and/or properties received in a non-liquidating distribution.
• Evaluate adjustments to the basis of partnership assets following the transfer of a partnership interest.
• Assess the factors determining whether a basis adjustment is necessary or desired following the distribution of partnership property to a partner.
• Assess the tax implications for both sellers and buyers when a partnership or LLC interest is sold using the installment method.