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Partnerships and LLCs: Income Allocations and Contributed Property

Taxes

Partnerships and LLCs: Income Allocations and Contributed Property

Course 33101C · 2 hrs · CPA & EA

Understanding how partnership income is allocated among partners is fundamental to avoiding costly tax mistakes. This course covers the substantial economic effect requirement under the partnership allocation rules, including how LLCs are affected in practice. It also tackles the often-complex rules for allocating income and deductions related to contributed property under Code Sec. 704(c), a critical area for partnerships and LLCs where partners contribute appreciated or depreciated assets.

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  • Hours: 2
  • Exam questions: 10
  • Eligible for: CPA & EA
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NASBA Area: Taxes

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Partnerships and LLCs: Income Allocations and Contributed Property
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