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Converting an Entity Taxed As a Partnership To Sole Ownership Webinar

Summary

This webinar discusses the steps involved when an entity taxed as a partnership converts to a solely-owned entity. The IRS released Revenue Ruling 99-6 to explain these steps, but the process is complicated. The three steps include liquidation of the partnership, purchase/sale of assets between partners, and lastly, placing the assets formerly owned by the partnership in service in the sole owner’s entity of choice. You’ll also learn how to determine the basis of the assets from the partnership that the sole owner places in service.

Objectives

Upon completion of this course, you will be able to:

  • Summarize the steps required when converting a partnership to a solely-owned entity
  • Identify the tax consequences for the partnership and partners when the partnership liquidates
  • Calculate each partner’s basis in the assets received in liquidation
  • Identify the reporting requirements for the buying and selling partner(s)
  • Determine the sole owner’s basis and holding period of the assets formerly owned by the partnership

Course Details

Subject matter experts will answer your questions during the presentation. We make every effort to answer as many questions as possible during the webinar but we may not be able to directly address every question.

This webinar includes the presentation slides, attendee top questions and access to the webinar recording.






   

Presented by: Larry Zimbler, MST, EA

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