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Credits: 2
Qualifies For: IRS CPE CTEC
Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Shannon Retzke Smith
(All Times Eastern)
Please choose a Webinar date
Qualifies For: IRS CPE
IRS CPE CTEC
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.
Any tax practitioner who wishes to understand the tax rules and economic opportunities associated with having a partnership make a Section 754 election
A basic understanding of the tax rules impacting individuals and pass-through entities
None
Unlimited 24/7 access to 200+ downloadable self-study courses
Courses range from 2-20 credits
Provides online grading & CPE certificates by email
Does NOT include Premium courses
$499
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 December 31st of the year in which you purchase
$649
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
$799
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
CTEC Approved for CE by CTEC