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

  • Format Self-Study Download
  • Credits 8.00
  • Level Advanced
  • Field of Study Taxes (Technical) (8)

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:

  • Identify when an election to adjust basis will be available
  • Determining when the basis adjustment must be made or may be made without an election
  • Learn how to make the calculations to determine a step-up and allocate that step-up among partnership assets
  • Examine practical examples dealing with a sale of a partnership interest and the effects of §734(b)
  • Explore the alternatives to electing a basis adjustment
  • Understand a distribution of property and when an inside basis adjustment can be considered
  • Study examples dealing with sale of assets vs. sale of partnership interests and issues with hot assets
  • Find 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
  • Identify the changes to partnership tax law effected by the Tax Cuts and Jobs Act of 2017

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

Who should take this course:

CPAs in public accounting who work extensively with LLC and partnership tax issues

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

None

Yes

No

No

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