{"product_id":"advanced-tax-strategies-for-llcs-and-partnerships-isbn-9781119512394","title":"Advanced Tax Strategies for LLCs and Partnerships","description":"\u003cp\u003eWhat works best for clients? 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 title 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, the authors 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.\u003c\/p\u003e \u003cp\u003eThis book prepares the reader to do the following:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eAnalyze a partnership or LLC agreement to determine whether any special allocations in the agreement will be allowed under Code Section 704(b)\u003c\/li\u003e \u003cli\u003eIdentify the potential economic consequences of special allocations to a partner or LLC member\u003c\/li\u003e \u003cli\u003eIdentify the potential tax consequences when a partner or LLC member has a negative balance in his or her capital account\u003c\/li\u003e \u003cli\u003eRecognize the relationship between partnership and LLC allocations of profit and loss and the allocation of the risks and rewards of entity operations\u003c\/li\u003e \u003cli\u003eDistinguish between the requirements for substantiality and those for economic effect under the regulations\u003c\/li\u003e \u003cli\u003eDistinguish between \"book\" allocations required under Section 704(b) and \"tax\" allocations required under Section 704(c)\u003c\/li\u003e \u003cli\u003eRecognize the three methods described in the Section 704(c) regulations to make special allocations with respect to contributed property\u003c\/li\u003e \u003cli\u003eDetermine when a non-contributing partner or LLC member will or will not be protected by required allocations under Section 704(c)\u003c\/li\u003e \u003cli\u003eCalculate the gain that can result from reallocation of liabilities when a partner joins a partnership\u003c\/li\u003e \u003cli\u003eCalculate a partner's or member's share of recourse liabilities of a partnership or LLC\u003c\/li\u003e \u003cli\u003eDistinguish between recourse and nonrecourse liabilities of a partnership or LLC\u003c\/li\u003e \u003cli\u003eAnalyze the impact of a partner or LLC member's guarantee of a recourse or nonrecourse liability of the entity\u003c\/li\u003e \u003cli\u003eRecognize when to treat a liability as a recognized versus contingent liability and understand how to account for partnership or LLC contingent liabilities\u003c\/li\u003e \u003cli\u003eCalculate the basis of each property received by a partner receiving multiple properties in a liquidating vs. non-liquidating distribution from a partnership or LLC\u003c\/li\u003e \u003cli\u003eRecognize which properties will receive a step-up or step-down in basis when multiple properties are received from a partnership or LLC\u003c\/li\u003e \u003cli\u003eAllocate basis increases or decreases among multiple properties for federal income tax purposes\u003c\/li\u003e \u003cli\u003eDetermine when an Internal Revenue code (IRC) Section 754 election will allow a partnership or LLC to adjust its basis in its assets\u003c\/li\u003e \u003cli\u003eAllocate required basis adjustments among partnership or LLC assets\u003c\/li\u003e \u003cli\u003eDetermine the tax consequences associated with the sale of a partner's or member's interest in a partnership or LLC\u003c\/li\u003e \u003cli\u003eRecognize how using the installment method to account for the sale of a partnership interest will affect how the partner will report his or her gain on the sale\u003c\/li\u003e \u003cli\u003eRecognize when the sale of an interest in a partnership will trigger a technical termination of the partnership\u003c\/li\u003e \u003cli\u003eDetermine the tax basis and holding period of assets owned by the partnership following a technical termination\u003c\/li\u003e \u003cli\u003eDetermine the tax consequences associated with subsequent dispositions of built-in gain or loss assets following a technical termination\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\u003cb\u003eChapter 1 1-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAllocation of Partnership and LLC Income Under Section 704(b) 1-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEconomic Effect: The General Test 1-3\u003c\/p\u003e \u003cp\u003eDeemed Economic Effect 1-13\u003c\/p\u003e \u003cp\u003eAlternate Test for Economic Effect 1-14\u003c\/p\u003e \u003cp\u003eSubstantiality 1-18\u003c\/p\u003e \u003cp\u003eDenied Allocations: Deter 1-23\u003c\/p\u003e \u003cp\u003eOther Issues 1-26\u003c\/p\u003e \u003cp\u003eAllocation of Deductions Attributable to Nonrecourse Debt 1-31\u003c\/p\u003e \u003cp\u003eSummary 1-35\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 2-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAllocations With Respect to Contributed Property: Section 704(c)(1)(A) 2-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Traditional Method 2-4\u003c\/p\u003e \u003cp\u003eThe Traditional Method With Curative Allocations 2-13\u003c\/p\u003e \u003cp\u003eThe Remedial Allocations Method 2-16\u003c\/p\u003e \u003cp\u003eSpecial Rules 2-21\u003c\/p\u003e \u003cp\u003eSummary 2-24\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 3-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAllocation of Partnership Recourse Liabilities Under Section 752 3-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Liabilities Affect Partner Tax Consequences 3-2\u003c\/p\u003e \u003cp\u003eAllocation of Liabilities Among the Partners: In General 3-12\u003c\/p\u003e \u003cp\u003eAllocation of Recourse Liabilities 3-15\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 4-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAllocation of Partnership Nonrecourse Liabilities and Related Deductions Under Sections 752 and 704(b) 4-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDistinguishing Between Recourse and Nonrecourse Liabilities 4-2\u003c\/p\u003e \u003cp\u003eAllocation of Nonrecourse Debts 4-7\u003c\/p\u003e \u003cp\u003eTreatment of Contingent Liabilities 4-16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 5-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAdvanced Distribution Rules 5-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eNon-Liquidating Distributions Generally 5-2\u003c\/p\u003e \u003cp\u003eDistribution of Multiple Properties 5-7\u003c\/p\u003e \u003cp\u003eSummary 5-20\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 6-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAdjustments to the Basis of Partnership or LLC Assets 6-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSection 743: Adjustments Following the Transfer of a Partnership Interest 6-3\u003c\/p\u003e \u003cp\u003eDistributions of Partnership Property 6-6\u003c\/p\u003e \u003cp\u003eAllocating the Adjustment Amount Among Partnership Properties 6-16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 7-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSale of an Interest in a Partnership or LLC 7-1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGeneral Tax Consequences Associated With Sale 7-2\u003c\/p\u003e \u003cp\u003e“Hot” Assets and Section 751(a) 7-6\u003c\/p\u003e \u003cp\u003eCollectibles and Unrecaptured Section 1250 Gain 7-11\u003c\/p\u003e \u003cp\u003eInstallment Sales 7-13\u003c\/p\u003e \u003cp\u003eNet Investment Income Tax 7-15\u003c\/p\u003e \u003cp\u003eSale of an Active (Non-passive) Interest in a Partnership or LLC 7-16\u003c\/p\u003e \u003cp\u003eSale of a Passive Interest in a Partnership or LLC 7-18\u003c\/p\u003e \u003cp\u003ePotential for Termination of the Partnership 7-19\u003c\/p\u003e \u003cp\u003eConsequences to the Purchaser 7-25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eTax Glossary Tax Glossary 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIndex Index 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eSolutions Solutions 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 1 Solutions 1\u003c\/p\u003e \u003cp\u003eChapter 2 Solutions 4\u003c\/p\u003e \u003cp\u003eChapter 3 Solutions 6\u003c\/p\u003e \u003cp\u003eChapter 4 Solutions 9\u003c\/p\u003e \u003cp\u003eChapter 5 Solutions 12\u003c\/p\u003e \u003cp\u003eChapter 6 Solutions 15\u003c\/p\u003e \u003cp\u003eChapter 7 Solutions 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003eLarry Tunnel\u003c\/b\u003e is a professor at New Mexico State University, College of Business.\u003c\/p\u003e \u003cb\u003eRobert Ricketts, Ph.D., CPA, \u003c\/b\u003eis the Director of the School of Accounting in the Rawls College of Business at Texas Tech University. He  is a former tax senior for the Dallas office of Ernst \u0026amp; Whinney (now Ernst \u0026amp; Young). 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.","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988670759141,"sku":"NP9781119512394","price":94.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119512394.jpg?v=1761781200","url":"https:\/\/k12savings.com\/es\/products\/advanced-tax-strategies-for-llcs-and-partnerships-isbn-9781119512394","provider":"K12savings","version":"1.0","type":"link"}