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LLC and Partnership Tax Fundamentals: A Guide for Business Lawyers 2025

Content Provider
American Law Institute CLE
Product
CLE
Run Time
93 Minutes
Recording Date
03/19/2025
Presenter(s)
Whit Cocanower
Learning Method
On-Demand Training
Practice Area
Corporate and Business Law, Taxation
Persona
CLE OnDemand

Price $259.00

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Description

Advising business clients on the formation and ongoing operation of limited liability companies and partnerships requires not only a solid understanding of business principles but also a keen awareness of the complex tax issues these entities present. Even though you may not be a tax expert, you need the knowledge to identify and handle the business tax issues that your clients can expect to face. The taxation of limited liability companies and partnerships and can be downright confounding, confusing, complicated, even for business lawyers. This presentation will provide the basics of partnership income taxation (from formation, in operation, and to termination) that all attorneys should know. Join Whit Cocanower, Senior Manager at Grant Thornton Advisors, LLC, for a thorough examination of the intricate tax considerations found in the provisions of partnership agreements, including: > Understanding key provisions in partnership agreements in relation to tax issues > Identifying common tax pitfalls in connection with partnership formations > An explanation of the major methodologies for making partnership income allocations > “Boilerplate” special allocations commonly found in partnership agreements > How to handle sales of partnership interests, including the impact on partnership allocations and the potential for special basis adjustments > Highlighting key issues with partnership distributions and liquidations This program offers lawyers an introduction to the tax components found in every comprehensive partnership agreement.

Literature

State Status Total Credits Type Of Credit Approved Thru
AlabamaApproved1.50General12/31/2025
AlaskaApproved1.50GeneralOn-going
ArizonaApproved1.50GeneralOn-going
ArkansasApproved1.50GeneralOn-going
CaliforniaApproved1.50Participatory03/18/2030
ColoradoApproved2.00General12/31/2027
ConnecticutApproved1.50GeneralOn-going
DelawareApproved1.50General03/18/2027
FloridaApproved2.00General12/31/2026
GeorgiaApproved1.50General12/31/2025
HawaiiApproved1.50General03/19/2027
IdahoApproved1.50General03/18/2030
IllinoisApproved1.50General05/18/2027
IndianaApproved1.50General05/21/2026
IowaApproved1.50General03/18/2026
KansasApproved1.50General05/18/2026
KentuckyPending State Response0.00
LouisianaApproved1.55General05/18/2026
MaineApproved1.50General06/30/2027
MinnesotaPending State Response0.00
MissouriApproved1.90GeneralOn-going
MontanaApproved1.50General03/19/2028
NebraskaApproved1.55General03/18/2027
NevadaApproved1.50General12/31/2028
New HampshireApproved1.60General03/18/2028
New JerseyApproved1.50GeneralOn-going
New MexicoApproved1.60General03/18/2030
New YorkApproved1.50SkillsOn-going
North CarolinaApproved1.50General02/28/2026
North DakotaApproved1.50General03/19/2028
OhioApproved1.50General12/31/2025
OklahomaApproved2.00General06/01/2026
OregonApproved1.50General03/19/2028
PennsylvaniaApproved1.50General05/18/2027
Puerto RicoApproved1.55General07/13/2026
Rhode IslandApproved1.50General06/30/2026
South CarolinaApproved1.55General12/31/2025
TennesseeApproved1.55General05/18/2026
TexasApproved1.50General05/31/2026
UtahApproved1.50General12/31/2025
VermontApproved1.50GeneralOn-going
VirginiaApproved1.50General10/31/2025
WashingtonPending State Response0.00
West VirginiaApproved1.86GeneralOn-going
WisconsinApproved1.50GeneralOn-going
WyomingApproved1.50General05/18/2026

Speakers