20SS-0080: 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

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

• Identify when an election to adjust basis will be available
• Determining when the basis adjustment must be made or may be made without an election
• Learn how to make the calculations to determine a step-up and allocate that step-up among partnership assets
• Examine practical examples dealing with a sale of a partnership interest and the effects of Section 734(b)
• Explore the alternatives to electing a basis adjustment
• Understand a distribution of property and when an inside basis adjustment can be considered
• Study examples dealing with sale of assets vs. sale of partnership interests and issues with hot assets
• Find 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
• Identify the changes to partnership tax law effected by the Tax Cuts and Jobs Act of 2017

Learning objective(s)

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

Who should take this program?

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

Fees

Standard Member Fee	$125.00
Standard Nonmember Fee	$125.00