Selected Partnership & LLC Tax Problems (704)

Register for this course:

The meeting times for this class are in the past. Please check here for additional meeting times.

Meeting Times:

Wednesday, October 18, 2023 8:30 AM - Wednesday, October 18, 2023 4:15 PM
The meeting time above is expressed in MOUNTAIN TIME, which is:
Eastern Time:
10:30 AM - 6:15 PM
Central Time:
9:30 AM - 5:15 PM
Pacific Time:
7:30 AM - 3:15 PM


This course is in the past and can no longer be purchased.


Internet Course - Live Streamed

Delivery Method:

Group Internet Based

Credit Hours:

8.0 IRS Federal Tax Law MF2AY-T-01319-23-O

CTEC Credits:

8.0 Federal Tax Law 1066-CE-1150

Field of Study:

Taxes - Technical (Partnership Taxation)

Course Level:



Basic understanding of partnership and LLC taxation

General Description:

The program will highlight some of the common partnership problems encountered by LLCs and LLPs, including the PTE election.

Learning Objectives:

After completing this course the participant will be able to:

  • Discuss the specific tax problems related to LLCs and LLPs, including: classification problems and check-the-box regulations; taxable year-ends; self-employment tax; method of accounting; discharge of indebtedness income; retirement; special allocations.
  • Identify key terms that are found in an operating agreement.
  • Discuss the tax problems associated with contribution of property to a partnership, the application of §704(c) to the contributed property, and reverse §704(c) allocations.
  • Discuss operational issues, including: late filing penalty, taxable year end, accounting methods, maximum loss that is deductible, fringe benefits, unreimbursed out-of-pocket expenses, electing out of the audit provisions, and filing Schedule K-2 and Schedule K-3.
  • Describe the difference between book and tax basis capital accounts and whose obligation it is to keep track of a partner's basis in the partnership.
  • Define the term "debt" and differentiate between recourse and nonrecourse debt.
  • Discuss the tax effect of receiving a capital and/or profits interest for services.
  • Determine whether the income generated by an LLC or LLP is subject to self-employment tax.
  • Calculate the deduction for qualified business income under §199A and discuss the forthcoming changes to the §199A deduction.
  • Differentiate the tax effects if a member sells its interest to a third party or the LLC redeems a member's interest in the LLC.
  • Distinguish a current distribution from a liquidating distribution.
  • Discuss the pros and cons of advising an LLC to make a §754 election.
  • Describe the basic tax effects if a member retires or dies.
  • Discuss the §754 election and revoking the §754 election by filing a Form 15254.
  • Discuss whether an LLC is a tax shelter which is required to use the accrual method and is subject to the business interest expense rules of Form 8990.
  • Discuss opting out of the partnership audit rules and the business interest expense rules for a partnership engaged in a real property trade or business.
  • Discuss using the aggregation rules of §448(c) to determine if average annual gross receipts exceed $27 million.
  • Discuss the PTE election.


Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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