Self-Study

Surgent's Advanced Partnership/LLC Workshop: How to do Optional Step-Up in Basis Under Section 754 and Related Provisions

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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

• 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 Section 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.

Learning objectives

• 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?

• Accounting and financial professionals in public accounting who work extensively with LLC and partnership tax issues.

Pricing

Our records indicate you are a nonmember. If you register, you will be charged $119.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.

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