Description
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.
Highlights
- 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
- Identifying the changes to partnership tax law effected by the Tax Cuts and Jobs Act of 2017
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
Designed For
CPAs in public accounting who work extensively with LLC and partnership tax issues
Registration for this course has passed.
Course Pricing
WYOCPA Member Fee
$159.00
Non-Member Fee
$207.00
Your Price
$207.00
Upcoming Courses
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The Bottom Line on the New Lease Accounting Requirements
April 23, 2024
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Understanding Internal Control Constructs
April 23, 2024
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Multi-State Taxation
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