Customer Service: 800-778-7436     

    Log In to Your Surgent Account

    Forgot?
    Forgot?

    Register for an Account

Sign In to Your Surgent Account

Forgot Username or Password | Register for an Account

Choose CPE Format:

Live Webinar SELECT STARTING AT $89

Credits: 2

Qualifies For: IRS

$89

Upcoming webinars

December 15, 2016
10:00 am - 12:00 pm (EST)

Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Bob Lickwar, CPA

January 27, 2017
01:00 pm - 03:00 pm (EST)

Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Bob Lickwar, CPA

February 16, 2017
01:00 pm - 03:00 pm (EST)

Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Bob Lickwar, CPA

See More Upcoming Webinar Dates >

NO HASSLE REFUNDS & TRANSFERS
EASY CANCELLATIONS
Self-StudySELECT

This course is not currently available. Please fill out this short form to be notified when self-study options are available.

FIRST NAME
LAST NAME
EMAIL ADDRESS
COMMENTS (OPTIONAL)
Get this course FREE with an Unlimited Package! Learn More
  • Complicated topic was explained very well. The examples were very useful.

    - Surgent customer

  • Very pleasantly surprised and impressed with the explanations. THIS course was the best one I have taken on Sec. 754.

    - Surgent customer

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.

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

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

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 disparity can deprive the new partner of depreciation deductions and inflate his or her share of the gain from subsequent property dispositions unless a Section 754 election is in effect. The Section 754 election can also apply when a partnership makes a distribution of property and the basis of the distributed property to the partnership and the basis the partner/distributee will take in the distributed property are not equal. In this case, a partnership can recover basis it would otherwise lose if the 754 election were not in effect.

Major Topics:

  • 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
  • Allocating the 754 basis adjustment

Learning Objectives

  • 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

Who should take this course:

Designed for:

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

Prerequisite:

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

Advanced Preparation:

None

Loading...

Loading...

Thank You!

YOU HAVE ADDED THE FOLLOWING TO YOUR CART:


Loading...

Thank You!

Thank You! Your request has been submitted.



Get More with a Surgent CPE package

Self-Study Library Package

  • Unlimited 24/7 access to 200+ downloadable self-study courses

  • Courses range from 2-20 credits

  • Provides online grading & CPE certificates by email

$499

Learn More

Unlimited Webinar Package

  • Unlimited access to all non-premium live CPE webinars

  • Includes 1-, 2-, 3-, 4-, and 8-hour webinars, including Saturday and evening options

  • Access through 12/31/16

$649

Learn More

Unlimited Plus Package

  • Unlimited access to ALL live CPE webinars

  • Includes all premium courses and virtual conferences

  • Unlimited 24/7 access to all self-study courses

  • Includes all on-demand webcasts Access for a year from purchase date

  • Unlimited 24/7 access to all self-study courses

$849

Learn More
  • CPE Continuing Professional Education for CPAs

  • IRS Continuing Education for EAs and the AFSP program

  • CFP Accepted by the CFP® Board

  • YB YellowBook Continuing Education

Explore Additional Courses by Topic

SURGENT IS APPROVED AS A PROVIDER OF CONTINUING EDUCATION BY:

Thank You!

Thank You! Your subscription has been submitted.