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Advanced Issues in Partnerships

Description

In this four-hour presentation, Bruce Nelson, M.A., CPA, will focus on four perennially problem
areas partnership tax –
 Capital accounts
 Basis
 Recourse and nonrecourse liabilities
 Sale of a partnership interest
Learn more about maintaining capital accounts, calculation of basis, partner’s liabilities, and the
sale of a partnership interest.

Learning Objectives

 Distinguish between “book” allocations required under Section 704(b) and “tax”
allocations required under Section 704(c).
 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 and nonrecourse liabilities of a
partnership or LLC.
 Determine the tax consequences associated with the sale of a partner’s or member’s
interest in a partnership or LLC.

Major Topics

 Allocation of partnership and LLC income under IRC Section 704(b)
 Allocation of partnership recourse and nonrecourse liabilities under Sections 752 and
704(b)
 Adjustments to the basis of partnership or LLC assets
 Sale of an interest in a partnership or LLC

Provider
Colorado Society of CPAs
Course Level
Update
CPE Field of Study
Tax
4
Who Should Attend

Staff and managers in public accounting who assist clients with tax planning for closely
held LLCs and partnerships

Instructor(s)
Bruce Nelson
Prerequisites

None

Advanced Preparation

None

Location
 
Glenwood Springs
Glenwood Springs, CO 81601 US
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Event Information
When
Oct 25, 2022
12:30 pm - 4:10 pm MDT
Location
Glenwood Springs
Glenwood Springs, CO 81601 US
Total CPE Credits
4
Format
In-Person

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$198.00

NON-MEMBER


$ (% off)
$283.00
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Advanced Issues in Partnerships


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