Courses

Surgent's Top Ten Questions from Partnership Clients Regarding the Section754 Election

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Member Price: $159.00 Non-Member Price: $219.00

Date/Time:: Dec 27, 2024, 9:00am–12:30pm
Developer:: SURGENT MCCOY SELF-STUDY CPE, LLC
CPE Credits:: Taxes: 4.00
Fields of Study:: Taxes
Level:: Intermediate

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.

Objective

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

Highlights

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?

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