Limited Liability Company(LLC) Income Taxation Workshop

Last offered in 2007
TOPIC: LIMITED LIABILITY COMPANY(LLC) INCOME TAXATION WORKSHOP
INSTUCTORS: Philip E. Harris, JD, Professor, Department of Agricultural & Applied Economics, University of Wisconsin-Madison; Joseph A. Bennett, CPA, Senior Extension Associate, Cornell.
DATES & LOCATIONS: July 16, 2007, Rochester, NY & July 20, 2007, Syracuse, NY

Business Entities

This course explains the income tax consequences of sole proprietorships, partnerships, C corporations and S corporations. Continuing examples of a single-member LLC and a multiple-member LLC are used to illustrate the formation, operation and termination of an entity. The tax consequences of taxing the single-member LLC as a disregarded entity, C corporation, or S corporation are compared to illustrate the differences among those business entities. The tax consequences of taxing a multiple-member LLC as a partnership, C corporation, or S corporation are also compared to illustrate the differences among those business entities. The discussion includes the consequences of contributing and distributing assets to the owners of the entity, the income tax effect of entity profits and losses, and the effect of those events on the entity’s basis in its assets and the owners’ bases in their ownership interest.

This is an intermediate level course. It is intended for tax practitioners who have small business clients. It will help those practitioners answer their clients’ questions about using business entities and prepare the income tax returns for those entities.

For more information contact taxschools@cornell.edu