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6 CPE

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

This is a text-based course

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6 CPE

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This is a text-based course. To receive credit, you are required to review all content and achieve a minimum score of 70% on the final exam.

 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.

Learning 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

Major Topics

  • 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 §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

CPE Credits Available

6 CPE
6
Taxes

Things to Know About This Course

Course Level

  • Advanced

Professional Area of Focus

  • Enrolled Agent - IRS Credit Eligible
  • Tax

Prerequisites

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

Advanced Preparation

None

Intended Audience

Accounting and Financial Professionals in public accounting who work extensively with LLC and partnership tax issues

Provider

Surgent CPE

Purchase This Course

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  • COCPA Non-Member

    $ 155 155
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