23SS-0071: Surgent's Advanced Partnership/LLC Workshop: How to Do Optional Step-Up in Basis Under Section 754 and Related Provisions (Self-Study)
Valid for one year from purchase date
Self-study - Downloadable PDF
8 CPE (8 technical) | 8 IRS CE
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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.
Major subjects
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Identifying when an election to adjust basis will be available
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Determining when the basis adjustment must be made or may be made without an election
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Learning how to make the calculations to determine a step-up and allocate that step-up among partnership assets
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Examining practical examples dealing with a sale of a partnership interest and the effects of Section734(b)
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Exploring the alternatives to electing a basis adjustment
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Understanding a distribution of property and when an inside basis adjustment can be considered
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Studying examples dealing with sale of assets vs. sale of partnership interests and issues with hot assets
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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
Learning objective(s)
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Distinguish the tax consequences of a partnership interest sale and of a partnership asset distribution with and without a Section754 election
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Identify circumstances when a Section754 election may be beneficial
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Calculate the basis adjustments to individual partnership properties when a Section754 election is made
Who should take this program?
Accounting and Financial Professionals in public accounting who work extensively with LLC and partnership tax issues
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