Surgent's Advanced Partnership/LLC Workshop: How to Do Optional Step-Up in Basis Under Section 754 and Related Provisions (Self-Study)

Code: JSDLAPLW

Date Valid for one year from purchase date
Format Self-Study (Downloadable PDF)
CPE credits CPE 8.0
Specialty
credits
8.0 IRS CE approved
Field(s)
of study
Taxes - Technical (8.0)
Fees
Standard member fee $125.00
checkmarkStandard nonmember fee $125.00

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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.

Who should take this program?

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

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.
  • ...and much more!

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

Notes:

Course code Code JSDLAPLW
Sponsor Surgent
NASBA ID#: 103212
Level Advanced
Format Self-Study (Downloadable PDF)
Prerequisites Prereq. Experience in dealing with partnership and LLCs; one or more intermediate courses on partnerships and LLCs
Advance
prep
None