Surgent's Liquidation of Flow-Through Entities for LLCs and Partnerships

Available Anytime

Location: Online

2Credits

Technical Business

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$119.00 Regular Price

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Product Code: SU24-LFTE-SSWC

Level: Intermediate

Vendor: Surgent

Field of Study: Taxes

Overview:

Part of the technical competence of most experienced tax practitioners is the ability to advise owners of S corporations and partnerships or multiple-member LLCs treated as partnerships regarding the tax rules that apply when these entities liquidate. Entity liquidations do not occur every day; but they do occur, and often at very critical times in the business life of the entity and its owners. All tax practitioners should be able to advise their clients about the tax issues associated with client businesses that go out of existence and liquidate. This program explains the tax consequences associated with liquidating S corporations, partnerships, and multiple-member limited liability companies treated as partnerships.

Objectives:

Determine the gain or loss to the entity and to the owners when it makes a liquidating distribution
Determine the basis of property distributed in a liquidating distribution to an owner of the entity
Know what to do in terms of IRS reporting when an entity liquidates

Major Topics:

Tax rules governing liquidation of a partnership or S corporation
Tax treatment of the shareholder/partner/member receiving a liquidating distribution in an S corporation liquidation/partnership liquidation
Tax impact on the pass-through entity when the entity is liquidated
Receipt of corporate liabilities in an S corporation distribution
Proportionate, liquidating partnership distributions to partners, and gains and losses to a partner on a liquidating partnership distribution
Tax issues associated with a partnership distribution of noncash properties in a liquidation
Compliance requirements on the occasion of a liquidation of a corporation or a partnership

Designed For:

Any tax practitioner who wishes to understand the rules regarding S corporation and partnership liquidations

Prerequisite:

Basic understanding of the tax rules impacting individuals and pass-through entities

Additional Info:

You will receive an email from info@surgent.com with instructions on how to log onto your course shortly. If you do not receive the email within the hour, please check your spam filter.

For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email info@surgent.com. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.