Surgent's Advanced Partnership/LLC Workshop: How to Do Optional Step-Up inBasis Under 754 and Related Provisions

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  • Location
    • Your Space
      Your Space
      Self Study - Surgent, ID 00000
  • Credits
    • 8.00
  • Credit Type(s)
    • Taxes (Technical) (8.00)
  • Prerequisites
    • Experience dealing with partnership and LLCs; one or more intermediate courses on partnerships and LLCs

  • Vendor
    • Surgent McCoy CPE, LLC
  • Level
    • Advanced
  • Fields of Study
    • Taxes
  • Message
    • When & Where You Want

Description

This course explores the practical issues in the many instances in which a step-up in basis can create tax advantages for partners and members. This course includes case studies to illustrate the critical points.

  • Course Type: Download

  • Qualifies for IRS CE
  • Designed For

    CPAs in public accounting who work extensively with LLC and partnership tax issues

    Objectives

    • Distinguish the tax consequences of a partnership interest sale and of a partnership asset distribution with and without a §754 election
    • Identify circumstances when a §754 election may be beneficial
    • Calculate the basis adjustments to individual partnership properties when a §754 election is made

    Highlights

    • Identifying when an election to adjust basis will be available
    • Determining when the basis adjustment must be made or may be made without an election
    • Learning how to make the calculations to determine a step-up and allocate that step-up among partnership assets
    • Examining practical examples dealing with a sale of a partnership interest and the effects of §734(b)
    • Exploring the alternatives to electing a basis adjustment
    • Understanding a distribution of property and when an inside basis adjustment can be considered
    • Studying examples dealing with sale of assets vs. sale of partnership interests and issues with hot assets
    • Finding out how to keep track of the “books” for tax preparers when the inside basis adjustment is made, and how to flow through adjustments through a tax return and K-1
    • Identifying the changes to partnership tax law effected by the Tax Cuts and Jobs Act of 2017

    Advanced Prep

    None

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