Partnerships & LLCs: Dissolution & Closing Balance Sheet
Author: Jane Ryder
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Accurately record and report the sale or dissolution of partnerships or LLCs filing as partnerships, for tax, basis and possible partner pass- through profits or losses from the sale or dissolution. Learn minimum requirements for reporting business entity sales or dissolutions and possible tax practitioner exposure for compliance or partner disagreements. We’ll discuss tax planning strategies related to structuring a sale or dissolution and distributing assets or retiring partner loans to benefit your clients. Plus, best practices to prepare a complete and accurate final tax return and balance sheet.
Publication Date: July 2025
Topics Covered
- Partnerships
- Balance Sheets
- Partnership Dissolution
- LLC filing as partnership
- Distributing assets
- Closing a partnership
Learning Objectives
- Explain how to correctly prepare the final balance sheet for dissolving a partnership
- Explain the specifics of partnership & LLC dissolutions
- Determine the tax impact of distributions of assets and handling loans to or from partners
- Describe processes for advising clients on these tax matters related business dissolutions
- Explain how to accurately calculate property basis, and other issues related to closing a partnership or LLC
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
