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Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs (Z1-S754-2022-01-SSWC)

100 Minutes
On demand - Video

On Demand - Video

2 CPE Credits in TX

OVERVIEW

When a purchaser buys an existing partner’s partnership interest or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, the amount paid becomes the basis for the purchaser’s partnership interest (outside basis). If the partnership’s assets have appreciated sufficiently, the difference between the new partner’s inside and outside basis can be substantial.

DESIGNED FOR

Any Accounting and Finance Professional who wishes to understand the tax rules and economic opportunities associated with having a partnership make a Section 754 election

BENEFITS

  • Determine the amount of a Section 754 basis step-up
  • Know how to allocate the basis step-up to the partnership's assets
  • Know how a partnership makes a Section 754 election and reports it to the IRS

HIGHLIGHTS

  • How and why a partnership makes a 754 election
  • The effect of the 754 election when an interest in a partnership is sold or inherited
  • How the 754 election applies when a partnership makes a distribution of property to one or more of its partners
  • How to make the 754 basis adjustment

COURSE LEVEL

Intermediate

PREREQUISITES

A basic understanding of the tax rules impacting individuals and pass-through entities

ADVANCE PREPARATION

None

ADDITIONAL NOTES

  • Qualifies for IRS credit

PRICING

$89.00 - Member

$109.00 - Nonmember

ADDITIONAL OPTIONS

Remind me to register

Print a registration form

COURSE DEVELOPER

Surgent

ALSO QUALIFIES FOR