Surgent's Liquidation of Flow-Through Entities for LLCs and Partnerships

Overview

Part of the technical competence of most experienced tax practitioners is the ability to advise owners of S corporations and partnerships or multiple-member LLCs treated as partnerships regarding the tax rules that apply when these entities liquidate. Entity liquidations do not occur every day; but they do occur, and often at very critical times in the business life of the entity and its owners. All tax practitioners should be able to advise their clients about the tax issues associated with client businesses that go out of existence and liquidate. This program explains the tax consequences associated with liquidating S corporations, partnerships, and multiple-member limited liability companies treated as partnerships.

Highlights

• Tax rules governing liquidation of a partnership or S corporation
• Tax treatment of the shareholder/partner/member receiving a liquidating distribution in an S corporation liquidation/partnership liquidation
• Tax impact on the pass-through entity when the entity is liquidated
• Receipt of corporate liabilities in an S corporation distribution
• Proportionate, liquidating partnership distributions to partners, and gains and losses to a partner on a liquidating partnership distribution
• Tax issues associated with a partnership distribution of noncash properties in a liquidation
• Compliance requirements on the occasion of a liquidation of a corporation or a partnership

Prerequisites

Basic understanding of the tax rules impacting individuals and pass-through entities

Designed For

Any tax practitioner who wishes to understand the rules regarding S corporation and partnership liquidations

Objectives

• Determine the gain or loss to the entity and to the owners when it makes a liquidating distribution
• Determine the basis of property distributed in a liquidating distribution to an owner of the entity
• Know what to do in terms of IRS reporting when an entity liquidates

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.