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Mastering Tax Complexities In The Sale Of Partnership And LLC Interests

Webinar: ID# 1014555
Recorded CD or On-Demand
Qty:
About This Course:
This webinar will provide accounting and tax professionals with a review of tax considerations involved with the purchase and sale of a partnership or LLC interest. The panel will address allocation of income gains and losses and will discuss tax implications on both the buy and sell side.

Description:

For the unprepared, tax treatment of sales of interests in LLCs and partnerships is difficult and confusing. Our panel of veteran tax advisors will offer their experiences and best practices for tax accountants to avoid the most common costly mistakes.

Advisors are not fully prepared if they grasp only the top-level tax consequences for the seller of a partnership interest. Even experienced tax advisors are tripped up by certain key concepts that come into play: tax basis, holding periods, and character of gain or loss are some of the complex characteristics determined by different IRS rules.

Our panel will identify opportunities to minimize tax consequences in a disposition of an LLC or partnership interest. Selling an interest often requires consideration of profits or capital interests and whether an interest is subject to vesting.

Listen as our panel examines the complex tax rules for transferring LLC and partnership interests, discusses allocation of income gains and losses, and offers best practices for structuring transactions to obtain desired tax outcomes for the buyer and seller.

Outline:
  • Tax rules related to sales or transfers of LLCs or partnership interests
  • Common issues and uncertainty related to the tax code
  • Best practices
Benefits:

The panel will review these and other key points:
  • Tax differences that result from choosing between a sale or a redemption of a departing partner’s interest.
  • Whether a sale or redemption of other partners will create a taxable event to the remaining owners.
  • How to determine the character of gain or loss upon a transfer.
  • Holding period and basis rules for transfers of partial interests.
Learning Objectives:

You will learn the tax differences that result from choosing between a sale or a redemption of a departing partner's interest, whether a sale or redemption of other partners will create a taxable event to the remaining owners, how to determine the character of gain or loss upon a transfer, and the nuances of the holding period and basis rules for transfers of partial interests.

The Presenters:

Janice Eiseman, Principal
Cummings & Lockwood, Stamford, Conn.

Ms. Eiseman focuses her practice on the taxation of closely held businesses and tax planning for owners and investors. She has broad-based experience counseling clients on the formation, ownership and structuring of various business entities, as well as drafting and negotiating tax-based and transactional documentation for both individual and business clients. She has also done controversy work before the Internal Revenue Service and the New York State Department of Taxation and Finance.

Lynn Fowler, Partner
Kilpatrick Townsend & Stockton, Atlanta

Mr. Fowler's practice specializes in tax-efficient strategies for a variety of business entity formation, financing, operations and disposition transactions. He has worked with clients frequently on federal income tax credits, and taxable and tax-free M&A transactions.

Joseph C. Mandarino, Atty
Cohen Pollock Merlin & Small, Atlanta

Mr. Mandarino's practice focuses on corporate, tax and finance law. He is involved with a wide variety of businesses and transactions, including experience with like-kind exchanges and structuring M&A transactions.


CPE Credits Available!

This program has been approved for 1.5 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person. Strafford then will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance.
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Mastering Tax Complexities In The Sale Of Partnership And LLC Interests
Available on CD or On-Demand formats
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