Source: http://njcpa.org/cpe/products/search/event-details?code=E1709301
Timestamp: 2017-11-21 15:37:46
Document Index: 666101184

Matched Legal Cases: ['§754', '§704', '§704', '§179', '§754', '§743', '§734', '§754']

Partnership and LLC Core Tax Issues from Formation Through Liquidation (E1709301)
As they gain more experience, staff are expected to take on more complex assignments with minimal supervision. The course is designed to be a step above a mere preparation seminar, including a deeper study into critical areas of formation, special allocations of income and deductions, basis calculations and implications of recourse and nonrecourse debt, basis step-up under §754 on transfer of an ownership interest, distributions, self-employment tax issues, and termination/liquidation of the LLC.
Experienced CPAs desiring a comprehensive case approach to understand reasonably complex limited liability company issues and problems; also, CPAs who want a comprehensive, intermediate-level limited liability company practice manual.
Prepare more complicated partnership returns
Understand certain advanced concepts of partnership taxation
Recent tax acts and any new legislation
704(b) basis for capital accounts vs. tax basis
Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
Unreasonable uses of the traditional & curative allocation methods
Multiple layers of §704(c) allocations
Business situations and partnerships that qualify
Treatment of recourse versus nonrecourse debt basis
§179 limitations
Regulations for handling basis step-ups under §754 elections, and mandatory adjustments under §743 and §734
Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
Capital account adjustments in connection with admission of new member
Experience in business taxation.
Robert M. Gilwee, Jr. is a partner in the accounting firm Grandizio, Wilkins, Little, & Matthews, LLP in Towson, Maryland. He has more than 30 years of practice experience in taxation. His background includes assistance in resolving tax-structuring issues using LLCs, S corporations, and other entities. He is a frequent discussion leader on a variety of taxation topics. He received the Top Manuscript Award from Coopers & Lybrand and he is a member of the adjunct faculties of several colleges in his area. In 2015, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills.