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Advanced Taxation LLCs & Partnerships - Tax Staff Essentials
CPE Self-study

Advanced Taxation LLCs & Partnerships - Tax Staff Essentials

Learn how to respond to the needs of new and existing clients confronted with complex partnership tax issues.

$189 - $285
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NASBA Field of Study




CPE Credits



Robert Ricketts, Larry Tunnell


1 year

Product Number


 Business & partner 
Product Details

Save when you buy the complete Tax Staff Essentials, Level 4 online bundle.

Rules and regulations

Learn the IRC’s partnership tax rules and regulations to effectively serve your business and individual partner clients.

Partnership taxation concepts

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 and LLCs.

Tax consequences

Learn more about the tax consequences of special allocations, liquidating and nonliquidating distributions, property basis calculations under various scenarios, and sales of a partnership interest.

Who Will Benefit

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

Key Topics

  • Allocation of partnership and LLC income under IRC 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; Sections 734(b) and 743(b) adjustments
  • Section 708 technical termination

Learning Outcomes

  • Calculate what a partner will receive in complete liquidation of their partnership interest under Title 26 U.S. Code of Federal Regulations (CFR) Section 704(b) regulations.
  • Identify the potential economic consequences of special allocations to a partner or LLC member.
  • Distinguish between “book” allocations required under Section 704(b) and “tax” allocations required under Section 704(c).
  • Identify the potential tax consequences when a partner or LLC member makes a contribution of appreciated or depreciated property to the entity.
  • Distinguish among the various methods prescribed by the regulations to make required special allocations with respect to contributed property.
  • Distinguish between recourse and nonrecourse liabilities of a partnership or LLC.
  • Calculate the basis of each property received by a partner or member receiving multiple properties in liquidating and nonliquidating distributions from a partnership or LLC.
  • Recognize which properties will receive a step up or step down in basis when multiple properties are received from a partnership or LLC.
  • Assess when a partnership or LLC should make a Section 754 election to allow it to increase or decrease the basis of its assets.
  • Analyze the sale of a partnership interest and calculate the amount of gain that must be treated as ordinary income under Section 751(a).
  • Evaluate how the installment method will affect how a partner will report gain or loss on the sale of a partnership interest.
  • Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC.
Credit Info
CPE Credits
NASBA Field of Study
Basic knowledge of business taxation
This is a digital product. With full paid access the content will be available to you for 1 year after purchase date.
For more information, please refer to CPE requirements and NASBA sponsorship information
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AICPA Members
Tax Section Members

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Contact us
Robert Ricketts
Ph.D., CPA
Robert Ricketts is the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He has been a member of the Accounting faculty since 1988 and has held the Frank M. Burke Chair in Taxation since 1999. Prior to earning his Ph.D., which he received from the University of North Texas in 1988, he worked for the Dallas office of Ernst & Whinney (now Ernst & Young) as a tax senior. Ricketts' tax scholarship addresses a broad audience. He co-authors several courses on partnership taxation for the AICPA, and a forthcoming book on comparative taxation written by an international group of authors. He also contributes chapters to a leading undergraduate textbook on taxation, and has numerous academic publications on issues ranging from the risks of over-reliance on tax software to the response of multinational corporations to tax holiday legislation. He teaches at both the undergraduate and graduate levels, and works extensively with doctoral students. His love for students, and for Texas Tech, is well-known by students, colleagues and alumni across the world.
Larry Tunnell
Ph.D., CPA

The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

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