August 21, 2019


City of Pelham Pelham Civic Complex

8 Total CPE Credits


Partnership and LLC Core Tax Issues from Formation Through Liquidation

  • Instructor

    Deborah Phillips

Learning Objectives

  • Prepare more complicated partnership returns
  • Understand certain advanced concepts of partnership taxation
  • Complete the second stage of a graduated professional education program in servicing partnership and LLC clients

Major Topics

  • Taking initiative in difficult assignments; can you deliver the QBI message? Full coverage of 199A qualified business income, its calculation, limitations, and examples
  • 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 their 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

Total CPE

Things to Know About This Course

Course Level

  • Intermediate

Professional Area of Focus

  • Tax


Knowledge and experience in partnership taxation

Advanced Preparation


Intended Audience

Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual


Surgent McCoy CPE

This event has ended.