Surgent’s Liquidation of Flow-Through Entities for LLCs and Partnerships

Description

Part of the technical competence of most experienced accounting and finance professionals is the ability to advise owners of S corporations and partnerships or multiple-member LLCs treated as partnerships regarding the tax rules that apply when these entities liquidate. Entity liquidations do not occur every day; but they do occur, and often at very critical times in the business life of the entity and its owners. All accounting and finance professionals should be able to advise their clients about the tax issues associated with client businesses that go out of existence and liquidate. This program explains the tax consequences associated with liquidating S corporations, partnerships, and multiple-member limited liability companies treated as partnerships.

Objective

Determine the gain or loss to the entity and to the owners when it makes a liquidating distribution Determine the basis of property distributed in a liquidating distribution to an owner of the entity Know what to do in terms of IRS reporting when an entity liquidates

Advanced Preparation

None

Required Knowledge

Basic understanding of the tax rules impacting individuals and pass-through entities

Who Should Attend

Any accounting or finance professional who wishes to understand the rules regarding S corporation and partnership liquidations

Credit Types

CPE – Taxes