Life Cycle of LLCs and Partnerships
Author: Spidell Publishing, LLC
Electronic version only
This product is available as a complete book (federal and CA) without CPE credit. Customers may purchase 4 hours of federal credit or 2 hours of CA credit by also adding the CPE option(s) to their shopping cart before checkout. See descriptions below for more information.
Includes a 115-page PDF manual
Volume I: Choice of entity, capitalizing the entity, partnership allocations, basis and at-risk rules, IRC §199A, profits interests, net operating losses, selling or liquidating the entity, and single member LLCs.
With this four-hour federal section, you will be able to:
- Determine how a client’s LLC should be taxed
- Recall the factors the IRS uses when determining if a partnership exists
- Recall how a sale of a taxpayer’s profits interest in a partnership in exchange for services is treated
- Identify the consequences of making an IRC §754 election
- Identify factors of the SEE test for partnership allocations
- Determine tentative taxable income when computing the business interest deduction limitation
- Determine if there is taxable gain when a sole proprietor puts business assets into an LLC
- Identify when contributing property to a partnership is exchange for a business interest may be considered a disguised sale
- Recall how the sale of assets and their subsequent distribution is taxed
- Determine the consequences of transferring assets through the use of a family limited partnership
Volume II: California-specific issues
With this two-hour California section, you will be able to:
- Determine if an LLC registered to do business in California but not otherwise considered to be doing business within the state has a filing obligation
- Identify what is included in the LLC fee computation
- Recall the federal and California differences in how an LLC handles credits
- Determine if an out-of-state investor is doing business in California based on the Jali decision
- Identify liabilities an entity still owes after a voluntary administrative dissolution
- Recall the necessary steps for an entity to avoid involuntary dissolution
| Designation | CPE Hours |
|---|---|
| CPA | Up to 6 Taxes |
| EA | 4 Federal Tax |
| CRTP (CTEC) | 4 Federal Tax and/or 2 CA |
| Attorney | Up to 4.75 General MCLE/Tax Specialization |
Course level: Basic
No advance preparation is required.
Want to order by phone? Call us at: (800) 277-2257
This course is designed to meet the requirements for the specified number of hours of continuing education. The federal portion of this course has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E). The federal and California sections of this course have been designed to meet the requirements of the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Spidell Publishing, LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or phone at 877-850-2832, or on the internet at www.CTEC.org.
Spidell Publishing, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for up to 6 hours of continuing education for the California Board of Accountancy. Level: Basic. Field of Study: Taxes. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. There are no prerequisites or advanced preparation required.
