Advanced Tax Strategies for LLCs & Partnerships

CPE Self-Study Course by the AICPA

I recently completed the AICPA’s self-study course titled “Advanced Tax Strategies for LLCs & Partnerships”.  Below is an overview of select topics from the course.


What works best for your client? Learn the pros and cons of the LLC, General Partnership, Limited Partnership, and Limited Liability Partnership by focusing on planning and potential tax traps. This CPE course offers a review of distinct advantages of these entities, coupled with an examination of the risk members and partners face if they do not have a solid tax plan to minimize their exposure. In addition, we will explore some of the more intricate rules and regulations of these entities so you can move your working knowledge of partnership and LLC taxation beyond the basics.

Key Topics:

  1. Allocation of Partnership and LLC Income Under Section 704(b)
  2. Allocations With Respect to Contributed Property: Section 704(c)(1)(A)
  3. Allocation of Partnership Recourse Liabilities Under Section 752
  4. Allocation of Partnership Nonrecourse Liabilities and Related Deductions Under Sections 752 and 704(b)
  5. Advanced Distribution Rules
  6. Adjustments to the Basis of Partnership or LLC Assets
  7. Sale of an Interest in a Partnership or LLC

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