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Top Ten Questions from Partnership Clients Regarding the Section 754 Election (T754)

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Live Webinar SELECT STARTING AT $159 (10 dates)

Credits: 4

Qualifies For: IRS CPE CTEC

Instructor(s): Mike Tucker, Ph.D., LL.M., J.D., CPA, Ian Redpath, J.D., LLM, Edward Renn, Esq., Lance Weiss, CPA, CVA

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Credits: 4

Qualifies For: IRS CPE CTEC

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Top Ten Questions from Partnership Clients Regarding the Section 754 Election (T754)

  • Customer Rating
    Reviews Not Available.
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    4
  • Qualifies for

    IRS CPE CTEC

Overview

This program is an in-depth analysis of the Section 754 election and the two adjustments associated with the election under Section 743(b) and Section 734(b). The 754 election is a highly technical provision that provides great tax benefits to the owners of the partnership, and particularly in the case of Section 743(b), a new partner. In this webinar, our expert panel will cover the most common questions encountered by practitioners in their daily practices. The program includes a number of examples that provide insights into the mechanics of the two adjustments that follow upon a Section 754 election.

Major Topics:

  • How does a partner compute his or her basis in a partnership?
  • What is the difference between a partner’s inside and outside basis?
  • What is the difference between a partner’s capital account and partner’s outside basis?
  • How does Section 732(d) impact the buyer of a partnership interest?
  • How does a partnership report a Section 754 election on the partnership’s tax return?
  • How does a partnership make a Section 754 election?
  • How does a partnership make a Section 743(b) adjustment?
  • How does a partnership make a Section 734(b) adjustment?
  • How is a Section 743(b) adjustment or Section 734(b) adjustment allocated to the assets of a partnership?
  • How is a Section 743(b) adjustment allocated within the class of ordinary income property and capital gain property?

Learning Objectives

  • Be familiar with the practical issues surrounding Section 754 and its application
  • Effectively advise clients on these complex issues

Designed for:

Accounting and financial professionals seeking to fortify their Section 754 knowledge base

Prerequisite:

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

Advanced Preparation:

None

Interested in bringing this course into your firm?

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