Life Cycle of LLCs and Partnerships
Author: Spidell Publishing, LLC
Electronic version only
This product is available as a complete book (federal and CA) without CPE credit. Customers may purchase 4 hours of federal credit or 2 hours of CA credit by also adding the CPE option(s) to their shopping cart before checkout. See descriptions below for more information.
Includes a 111-page PDF manual
Volume I: choice of entity, capitalizing the entity, operational issues, including partnership allocations, basis and at-risk rules, IRC §199A, profits interests, net operating losses, business interest expense limitation, the substantial economic effect (SEE) test, converting to a different entity, selling or liquidating the entity, inheriting a business, and single member LLCs.
With this four-hour federal section, you will be able to:
- Recall the consequences when a foreign LLC transacts intrastate business in California without registering
- Identify what a partnership must do if they want to adopt a fiscal year without establishing a business purpose
- Determine if an LLC is preferable to a limited partnership for your client’s business
- Recall the circumstances under which a partner’s unreimbursed expenses on behalf of a partnership are deductible
- Identify factors of the SEE test for partnership allocations
- Recall the material participation tests for purposes of the passive activity loss rules
- Identify which type of partnership income is subject to self-employment tax for a managing partners or LLC member
- Recall how the repeal of the partnership technical termination rules affects partnerships
- Determine if a partner recognizes gain when a partnership distributes cash to them in complete liquidation of their interest
- Determine if an LLC is an appropriate estate planning tool for transferring wealth to your client’s children
Volume II: California-specific issues
With this two-hour California section, you will be able to:
- Determine if an LLC not registered with the California Secretary of State has a filing obligation
- Identify what is included in the LLC fee computation
- Recall the limitation on credits generated by the activities of a disregarded LLC
- Identify the steps a suspended California LLC must take to restore their powers after a suspension by the FTB
- Select activities that a suspended LLC can still perform
| Designation | CPE Hours |
|---|---|
| CPA | Up to 6 Taxes |
| EA | 4 Federal Tax |
| CRTP (CTEC) | 4 Federal Tax and/or 2 CA |
| Attorney | Up to 4.75 General MCLE/Tax Specialization |
Course level: Basic
No advance preparation is required.
Want to order by phone? Call us at: (800) 277-2257
This course is designed to meet the requirements for the specified number of hours of continuing education. The federal portion of this course has been designed to meet the requirements of the IRS Return Preparer Office; including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230 (Provider No. CRA7E). The federal and California sections of this course have been designed to meet the requirements of the California State Board of Accountancy; the California Bar Association; and the California Tax Education Council. This does not constitute an endorsement by these groups. The state boards of accountancy have final authority on the acceptance of individual courses for CPE credit. For more information regarding administrative policies such as complaints or refunds, contact Spidell Publishing at 800-277-2257. Spidell Publishing, LLC has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to renew tax preparer registration may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA 95812-2890, or phone at 877-850-2832, or on the internet at www.CTEC.org.
Spidell Publishing, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State Boards of Accountancy have the final authority on the acceptance of individual course for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. This self-study is designed to meet the requirements for up to 6 hours of continuing education for the California Board of Accountancy. Level: Basic. Field of Study: Taxes. Delivery Method: Self-Study. For more information regarding administrative policies, such as complaints or refunds, contact Spidell Publishing at (800) 277-2257. There are no prerequisites or advanced preparation required.
