Pat Garverick's Partnership & LLC (Form 1065) - Formation to Liquidation -Webcast

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Jun 6, 2023

Registration: 7:30 AM / Program: 8:00 AM - 3:45 PM Pacific Time


Member Fee: $0.00
Nonmember Fee: $0.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: None


With the increasing complexity and ever-changing nature of tax laws and issues, today’s accountant needs a partnership/LLC course focusing on the birth, growth, maturity, and death of a closely held partnership/LLC. This case driven course will deal with partnership/LLC income tax laws from formation to liquidation.

This class will review the partnership tax law by looking at case studies addressing issues and problems at both the partnership and partner level. Each attendee will receive the most comprehensive reference manual with numerous practice aids and real-world examples and case studies. 

Designed For

Tax professionals (in public or private industry) seeking a case driven income tax return course addressing many common, yet complex Federal partnership and LLC issues and problems.


Once participants have completed this session, they should be able to:
  • Form a partnership/LLC and calculate the entity’s initial inside basis in the assets and partner/members outside basis in the entity
  • Understand the operational issues during the growth and maturity of a partnership/LLC and how the schedule K items get allocated to the partners/members on their individual Schedule K-1 effecting outside basis
  • Comprehend the tax ramifications of the sale versus redemption of partnership/member interest

Major Subjects

Topics include but are not limited to:

  • Extensive review of the partnership tax laws with an emphasis on any new legislative changes
  • Overview of different forms of business entities including the check-the-box regulations
  • Formation issues including the mandatory allocation of the Section 704(c) pre-contribution gain or losses back to the contributing partner/member
  • Schedule K and K-1 - separately stated versus non-separately stated income and expense items
  • Detailed Schedule K-1 reporting including the 20% qualified business income (QBI) deduction and 3.8% net investment income tax
  • Calculating the tax and Section 704(b) book capital accounts
  • Substantial economic effect requirement to have special allocations to the partners/members
  • Allocation of recourse & non-recourse debt on K-1s
  • Guaranteed payment issues and tax treatment of fringe benefits
  • Self-employment tax issues and pitfalls
  • Tax treatment of distributions - cash versus non-cash & liquidating versus non-liquidating
  • Sales and liquidations (redemptions) of partnership interests
  • Section 754 optional basis adjustments and mandatory adjustments

Did you know? The OSCPA member rate for CPE courses is extended to all OSCPA members and their employees who are not eligible for OSCPA membership. Members of other state CPA societies are also eligible for member rates.

After adding the course(s) to your cart, click "Apply Discounts" and select either "This person is an uncertified staff of an OSCPA member" or "This person is a member of another state CPA society."

If you would like to register for this event, please contact OSCPA at 800-255-1470, 503-641-7200, or email


Patrick Garverick


J. Patrick (Pat) Garverick is a Certified Public Accountant (CPA) who began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country. In addition to being a CPA, Pat is also a Certified Financial Planner (CFP). Pat has presented continuing education sessions since 1993 throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. During his time in college Pat earned a letter as a member of the Ohio State Basketball squad. He remains a stanch supporter of the sports programs at his alma mater.