SOC 2 and SOC 3 examination basics – from planning and executing the engagement to reporting – are reviewed to prepare you to perform the engagement or use the report.
Learning Objectives
- Learning Outcomes
- Calculate the basis of each property received by a partner or member receiving multiple properties in a nonliquidating distribution from a partnership or LLC.
- Assess when a partnership or LLC should make a Section 754 election in order to allow it to adjust the basis of its assets.
- Assess required basis adjustments among partnership or LLC assets.
- Calculate the gain on the sale of a partner’s or member’s interest in a partnership or LLC and determine the character of the gain.
- Analyze the sale of a partnership interest and calculate the amount of gain that must be treated as ordinary income under Section 751(a).
- Evaluate how the installment method will affect how a partner will report the partner’s gain or loss on the sale of a partnership interest.
- Assess the consequences for the buyer associated with the sale of an interest in a partnership or LLC.
