Advanced Taxation LLCs & Partnerships

Description

Partnership tax law is arguably one of the most complex set of provisions in the Internal Revenue Code. To effectively serve your business and individual partner clients, you must have a good working knowledge of the Internal Revenue Code’s
sophisticated partnership tax rules and regulations.
This course can help you to master the advanced concepts of partnership taxation, so you can provide your clients with valuable advice and tax planning strategies. Updated with the most recent legislation and IRS guidance affecting Partnerships & LLCs, this course will guide you through the complicated world of advanced partnership and LLC tax law. Some of the many concepts covered in
this course include special allocations, liquidating and non-liquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Highlights

• Allocation of partnership and LLC income under Section 704(b)
• Allocations with respect to contributed property
• Allocation of partnership recourse liabilities under Section 752
• Allocation of partnership nonrecourse liabilities and related deductions under Sections 752 and 704(b)
• Advanced distribution rules
• Adjustments to the basis of partnership/LLC assets
• Sale of an interest in a partnership or LLC

Objectives

• Identify how to allocate income, gains, losses, and deductions among partner/members to reflect their agreed-upon interests properly in partnership or LLC economic activities.
• Determine the risks taken by investors with respect to their investment in a partnership or LLC and allocate the entity’s liabilities accordingly.
• Determine the consequences of selling a partnership or LLC interest.
• Calculate the basis of partnership or LLC following distributions of multiple properties.
• Recognize how to plan for the effects of a distribution of multiple properties.
• Identify how to make elections to protect partners and LLC members from unwelcome future consequences arising from current distributions, sales, and/or transfers of interests in the partnership.

Designed For

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



Leaders

Cecil Nazareth

Cecil K. Nazareth, Chartered Accountant, CPA, MBA Norwalk, CT

Cecil Nazareth is a partner with IFRS Partners, a CPA firm with offices in the New York City tri-state area. The firm specializes in international tax and accounting, particularly for SME companies, subsidiaries of foreign parents and HNW families in India and the U.S.

A nationally renowned leader on IFRS Education, training, consulting and conversion, Nazareth is a Chartered Accountant and a US CPA and understands the differences between IFRS and US GAAP having practiced in both arenas. He is also a Professor of Global Accounting at Fordham University in New York City. Nazareth has appeared on ITV’s Renee Report and has spoken at the Diamond Jubilee of Indian Chartered Accountants of India (ICAI) on the role of a Global accountant and IFRS. He has conducted several IFRS training sessions including sessions for the ICAI and the Bombay stock exchange CFO magazine and several CPA firms and companies around the world.

Earlier, Nazareth served as the Director of AICPA’s Internal Audit and Strategy. In that key role he worked on the AICPA overall strategic goals and organizational development. He worked closely with the CEO on various strategic initiatives.

Previously Cecil worked with AICPA’s SEC Practice Section reviewing Technical issues peer reviews of several large CPA firms performing SEC related work. Before joining the AICPA, Cecil was an Audit supervisor at Ernst and Young specializing in the financial services industry. His international experience includes the practice in the Middle East and India. He has an MBA in finance from Fordham University and Information Technology from Columbia University in NYC.

Certificate and Diploma in IFRS from the ICAEW