- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
This course focuses on closely-held partnerships and LLCs, C corporations, and S corporations that may change their ownership by the departure of a partner or shareholder. The change may be due to a retirement, death, or owner friction, but under conditions such that the business will continue after one or more owners leave the entity. The course will address the tax issues relative to the break-up that practitioners should consider before the need arises. As an intermediate-level course, this course is most appropriate for the professional with detailed knowledge in federal taxes for closely-held businesses and who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize the alternative means of transferring a partnership interest and the tax consequences for the partner and the partnership;
identify the ordinary income and capital gain recognized from the sale of a partnership interest;
identify the alternative strategies for a shareholder in a closely-held C corporation to either sell their stock to the other shareholders or the corporation;
determine the requirements for using the assets of a subchapter C corporation to redeem the stock of a shareholder in a nontaxable transaction; and
recognize the tax issues relative to an S corporation redeeming all of the shareholder's stock or a shareholder selling their stock to other shareholders in a cross-purchase agreement.