Surgent Live Webinar CPE



S754-W02
Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs

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Date/Time: Thursday, December 13, 2012, 1-3 p.m. Eastern (see all dates)

Presenter(s): Michael Tucker, CPA, Bob Lickwar, CPA

This program provides the tax practitioner with the technical knowledge necessary to advise clients with respect to how to make the 754 election, the tax effect of making such an election, when it is advisable and not advisable to make such an election and, in the case when properties are depreciated, when a "deemed" 754 election comes into play. The program also covers both Section 743(b) adjustments and Section 734(b) adjustments.

Major Topics:

  • How the partnership makes a Section 754 election
  • When it is advisable to make a Section 754 election
  • The effect of the Section 754 election--how it applies when an interest in a partnership is sold or inherited
  • How the Section 754 election applies when a partnership makes a distribution of property to one or more of its partners
  • Allocating the Section 743(b) and Section 734(b) basis adjustments

Learning Objectives:

  • Determine the amount of a Section 754 basis step-up
  • Allocate the step-up to the partnership's assets
  • Know how a partnership makes a Section 754 election and reports it to the IRS
  • Allocate Section 743(b) and Section 734(b) basis adjustments

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
  • Any tax practitioner with partnerships or multiple member LLCs treated as partnerships as clients

Course Level: Advanced

CPE Credits: 2, Taxes

Prerequisite: Basic understanding of the tax rules impacting individuals and pass-through entities

Advance Preparation: None

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