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

Available Until Sunday, April 30, 2023

Online

8.00 Credits

Member Price $125.00

Non-Member Price $250.00

Overview

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.

Highlights

  • 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 §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

Prerequisites

Experience in dealing with partnership and LLCs; one or more intermediate courses on partnerships and LLCs

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

Preparation

None

Notice

You will receive an email from Surgent CPE with instructions to access this product.

Non-Member Price $250.00

Member Price $125.00