The meeting room will open at 8:00AM to assist in any attendee logistical issues and training will begin at 8:30. The schedule of topics will be broken out in the following order:
8:30 – 10:00 – Instructor: Joe Baldwin
- Reviewing the K-1, including boxes K-2 and K-3
- Differences between profits interests and capital interests and what this means for clients
- Distributions, guaranteed payments, and draws
- The differences between recourse and non-recourse debt, the loss limitation issues, and how to allocate appropriately
- Built in gains
10: -10:10 Break
10:10 -11:40 – Instructor: Dario Arezzo
- The complexity of applying a hybrid of flow-through and entity concepts to various partnership transactions, including 1031 exchanges
- Partnership tax pitfalls, including related party transactions
- Gifting of a partnership interest
- Disguised sales and mixing bowl transaction pitfalls to be aware of
11:40 – 12:30 – Instructor: Joe Baldwin
- The sale and redemption of a partnership interest and the differences between them
- The impact of I.R.C. 751 “hot assets” on the sale or redemption of a partnership interest
12:30-1:00 Lunch
1:00- 2:10 – Instructor: Dario Arezzo
- Utilizing the LLC as a life insurance tool
- Estate planning techniques involving partnerships and LLCs