Surgent's Limited Liability Companies: Losses, Liquidations, Terminations, Continuations, and Sales

Overview

The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.

Highlights

• When are distributions taxable?
• Miscellaneous issues, including the critical difference between §736(a) and §736(b) payments
• Sales of an LLC interest -- holding period and hot asset issues

Prerequisites

A beginning course in LLCs/partnerships; experience with LLC/partnership clients

Designed For

Accounting and Financial Professionals with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies

Objectives

• Identify when distributions are taxable, including disguised sales and the tax on pre-contribution gain
• Discuss the tax consequences of a liquidation of a partner’s interest
• Describe the options when a partnership terminates or continues following an acquisition or merger 
• Explain the tax consequences of a sale of an interest and distinguish such consequences from the tax consequences when a partnership or LLC is acquired or merges into another LLC or partnership

Preparation

None