June 2000

Partnership and LLC Courses Available on eMind.com

Internet-based continuing education provider and NYSSCPA affinity partner eMind.com has added three new courses on partnerships and limited liability corporations, ranging from introductory to advanced topics.

The introductory partnerships and LLCs course is designed for someone with little or no experience with partnerships. The material addresses requirements for tax-free formation of a partnership; situations in which these rules do not apply; the effect of liabilities when contributing property to a partnership; the effect of contributions of property with inherent gain; "bottom-line" allocation versus separately stated items; the timing and amount of gain or loss recognition; and a partner's self-employment income, filing requirements, partnership elections, accounting methods, and taxable year; among other topics. Participants will learn to distinguish between current and liquidating and proportionate and disproportionate distributions.

The intermediate course is designed for tax professionals familiar with the basic federal income taxation issues of partnerships. The course opens with a discussion of the opportunities, benefits, timing, and requirements of optional basis adjustments and covers the significance of proper determination of partnership allocations; determination of substantial economic effect and whether it exists; consideration that must be given to allocation of nonrecourse items; and structuring partnership allocations to yield the desired economic results among the partners. The course also discusses recognition and calculation of certain allocations of tax attributes that may be required when property is contributed, and partnership termination issues. The material considers the entity and aggregate concepts of taxation as they apply to transactions between the partnership and its partners, including guaranteed payment.

The advanced course is designed for tax professionals with broad experience in partnership tax issues as well as basic knowledge of estate planning. It focuses primarily on family limited partnerships, including using this estate planning technique to achieve significant asset management and tax benefits, and applying discounting principles in the family limited partnership context. The course also discusses partnership allocations, including an in-depth look at section 704(b). Participants will learn the significance of proper determination of partnership allocations, determine when substantial economic effect exists and is required, understand the special consideration that must be given to allocation of nonrecourse items, and learn how to structure partnership allocations.

Society members can review the first lesson of any course by accessing it from www.nysscpa.emind.com. In addition to the new courses above, CPAs can access courses in taxation, accounting and auditing, management, computer programs, personal development, and specialized industries--including recently added courses in financial services and securities.

Under New York state regulations, CPAs only receive 50 percent credit for self-study. As a result, eMind.com offers a 50 percent discount off its regular prices for CPAs meeting New York state CPE requirements. To receive the discount, CPAs need to enter YIPINY in the discount code field when they register. If a CPA has already registered, the Society recommends updating his or her record to reflect this discount code.

Members can receive full CPE credits, however, to satisfy AICPA membership requirements and to meet CPE requirements of other state boards of accountancy. Registrants who are licensed in other states should check with their respective state boards of accountancy for self-study requirements. Most state board websites are accessible through www.nysscpa.org.

In its continuing program expansion, eMind.com expects to offer more than 500 courses by the end of the year. For a list of current eMind.com online programs, visit www.nysscpa.emind.com. *