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Advanced Partnership/LLC Workshop: How to Do Optional Step-Up in Basis Under §754 and Related Provisions (APLW)

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Credits: 6

Qualifies For: IRS CPE

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Credits: 6

Qualifies For: IRS CPE

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Advanced Partnership/LLC Workshop: How to Do Optional Step-Up in Basis Under §754 and Related Provisions (APLW)

  • Customer Rating
    Not Yet Rated
  • Field of Study
    Taxes
  • Level
    Advanced
  • Credits
    8
  • Qualifies for

    IRS CPE

Overview

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.

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

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

Designed for:

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

Prerequisite:

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

Advanced Preparation:

None

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