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.

Major Topics:

  • 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

Learning Objectives:

  • 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




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