Taxation of Pass Through Business Entities

Overview:

Introduction:

The taxation of pass-through business entities, such as Subchapter S corporations, partnerships, and limited liability companies, under U.S. federal income taxation is covered in this training program.It focuses on the requirements of Subchapters S and K of the Internal Revenue Code that apply to the creation, management, and dissolution of pass-through organizations, as well as the associated Treasury Regulations and judicial decisions. 

Program Objectives:

At the end of this program, the participants will be able to:

• Avoid double taxation.

• Simplify tax filing processes.

• Effectively manage and monitor business income.

• Gain expertise in partnership and corporate taxation, or advance LL.M. studies.

• Expand their professional practice into business entity taxation.

Targeted Audience

• Members of the financial accounting team.

• Finance managers and employees in cost and management accounting.

• Budget supervisors.

• Experienced lawyers.

• Financial commitment and participants in the project.

• Members of the acquisition team and investment analysts.

Program Outline:

Unit 1:

Partnership Formation:

• Partnerships.

• Legal Framework.

• Special Basis Concepts.

• Other Issues.

• Nonrecognition Provision.

• Basis Determination & Holding Period.

Unit 2:

Partnership Operations:

• Income Measurement & Reporting.

• Partner’s Distributive Share.

• Outside Basis Adjustments.

• Partners' Deduction for Qualified Business Income.

• Partner Loss Limitations.

• Related Transactions.

Unit 3:

Partnership Distributions:

• Concepts.

• Applications.

• Disproportionate Distributions.

Unit 4:

Partnership Sales and Terminations:

• Seller.

• Buyer.

• Special Basis Adjustment.

• Other Dispositions.

• Partnership Termination.

Unit 5: 

Taxation Considerations:

• Initial Costs.

• Accounting Methods.

• Tax Year.

• Applications.