Advanced Taxation Partnerships & LLCs

  • Thursday, August 15, 2019 – Thursday, April 30, 2020

  • 11

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 self-study 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. S\ome of the many concepts covered in this course include special allocations, liquidating and non-liquidation distributions, property basis calculations under various scenarios, and sales of a partnership interest.


Recognize the three methods described in the Section 704(c) regulations to make special allocations with respect to contributed property.
Calculate the gain that can result from reallocation of liabilities when a partner joins a partnership.
Calculate a partner's or member's share of recourse liabilities of a partnership or LLC.
Calculate the basis of each property received by a partner receiving multiple properties in a liquidating versus non-liquidating distribution from a partnership or LLC.
Determine when an IRC Section 754 election will allow a partnership or LLC to adjust its basis in its assets.
Allocate required basis adjustments among partnership or LLC assets.
Determine the tax consequences associated with the sale of a partner's or member's interest in a partnership or LLC.
Determine the tax consequences associated with subsequent dispositions of built-in gain or loss assets following a technical termination.


Allocation of partnership and LLC income under Section 704(b)
Allocations with respect to contributed property: Section 704(c)(1)(A)
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 or LLC assets
Sale of an interest in a partnership or LLC
Hot assets and Section 751(a)
Section 754 Elections; Section 734(b) and 743(b) Adjustments
Section 708 Technical Termination

Additional Information

Designed For

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


American Institute of CPAs


11.00 Taxes

Course Number


Level of Knowledge


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