Tax and Non-Tax Aspects of LLC Liquidation (Live Replay)
This program will provide you with a practical guide to actual and technical terminations of partnerships and LLCs. Among other topics, the program will cover entity-level and member-level tax consequences of LLC and partnership terminations, the important distinctions between actual and technical terminations of the entity, and approaches to avoiding the adverse tax consequences of technical terminations for tax purposes while the entity continues for state law purposes. The program will also discuss partnership mergers and divisions.
- Actual v. technical terminations
- Entity and member-level tax consequences of termination
- Capital accounting, timing and reporting issues
- Partnership incorporation and merger issues
- Approaches to avoiding adverse tax consequences of technical terminations
Grace Kim is a manager in the Washington, D.C. office of Ernst & Young LLP, where her practice focuses on the taxation of partnerships and joint ventures, including in the financial services, oil and gas, and real estate industries. Before joining Ernst & Young, Ms. Kim practiced in the tax group of a national law firm where she specialized in matters involving partnerships, S corporations, and trusts. Prior to entering private practice, she served for twelve years in the IRS, including as an Attorney-Advisor to the Chief Counsel of the IRS, when she worked in the areas of partnerships, S corporations, and trusts. Ms. Kim received her B.S., cum laude, from Georgetown University, and her J.D. and an LL.M. from Georgetown University Law Center.
