When an LLC member purchases the shares of the other members and converts the entity to a single-member LLC, there are a number of complex calculations to determine basis going forward; it's important to get it correct the first time.
Objectives
Upon completion of this session, you will be able to:
Learn the steps and requirements to convert a multi-member LLC to a single-member LLC
Identify what assets receive a step up, and what assets go forward at the previous value and their depreciation periods in the future
Walk through the complete conversion process with a client using a spreadsheet provided in the session
Duration: 100 minutes Course level: Intermediate Prerequisite: Basic understanding of federal income taxation Advanced preparation: Access to the provided Excel workbook Delivery method: Group Live
