ACL4 LIMITED LIABILITY COMPANIES: LOSSES, LIQUIDATIONS, TERMINATIONS, CONTINUATIONS, AND SALES
The purpose of this course is to provide an in-depth discussion of selected advanced-level issues affecting LLCs and LLPs.
Partnership losses: when are they deductible?
Death or retirement of a member or partner -- Understanding the alternatives
Continuation and termination in the context of a merger or acquisition
Sales of an LLC interest -- holding period and hot asset issues
Identify the limitations on an investor’s ability to deduct LLC losses
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
Designed For: CPAs with clients using the LLC or LLP structure who need to understand advanced issues, problems, and planning strategies. Level of Knowledge: Advanced Prerequisite: A beginning course in LLCs/partnerships; experience with LLC/partnership clients. Advanced Preparation: None Credits: 4 Field of Study: Taxes(4) CFP Credit: No