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Tuesday, December 10, 2024 Live Webcast

Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs (E2412362)

11:00 AM - 12:40 PM EST

Registration: 10:30 AM EST

webcast

Vendor Platform

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.

This course features a live instructor and has been specifically designed for the NJCPA.

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

INSTRUCTOR

Joseph Nicola

Joseph P. Nicola, CPA, CVA

Joe Nicola is a Tax Partner with more than thirty-five years of experience in public accounting. Joe has experience in many diverse areas of taxation, including the taxation of and planning for individuals, family offices, and various forms of business entities, such as corporations, partnerships, and limited liability companies. Joe is particularly experienced in federal and multi-state tax matters that affect numerous industries and niches, including private equity, investments, natural resources, manufacturing, distribution, high technology, securities, and start-up businesses. He has consulted on technically complex matters, such as retirement planning, succession planning in the context of a family office, securities, partnership and corporate reorganizations and liquidations, and international tax matters. While in public practice, Joe also served for many years as an adjunct member of the faculty with Duquesne University's MBA and Master of Science in Taxation/Accountancy programs, as well as with Robert Morris University's Master of Taxation program. His course load included Corporate Taxation, Advanced Corporate Taxation, Reorganizations (Mergers and Acquisitions), Taxes as a Basis of Managerial Decisions, and Taxation of Derivatives. He is also a published author of CPE/CLE texts and industry articles, and a frequent professional speaker. Mr. Nicola received his BS degree in Business Administration from Robert Morris University and his JD degree from the University of Pittsburgh School of Law.

PRICING

$99.00 - Member

$136.50 - Nonmember

Register Today


Note: Online pre-registration will close on December 10 at 10:30 AM.

ADDITIONAL OPTIONS

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COURSE DEVELOPER

Surgent

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