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Surgent’s Advanced Partnership/LLC Workshop: How to Do Optional Step-Up in Basis Under 754 and Related Provisions (APLW) (SSTX176/21)

Event Description

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.

Designed For

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

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

Major Subjects

  • 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

Prerequisites

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

Instructions

None