Asset Acquisition Rules for Section 199A: Avoiding QBI Limitations by Increasing UBIA
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers to pass-through entities with a deep dive into the challenges and opportunities of the unadjusted basis of qualified property immediately after acquisition (UBIA) limitations to claiming the Section 199A Qualified Business Income (QBI) deduction. The panel will discuss how to calculate the UBIA of qualified property and describe how to handle special situations such as like-kind exchanges and the Section 754 election. The webinar will also offer strategies for increasing the UBIA of qualified property to maximize the QBI deduction available.
- Criteria for identifying UBIA or qualified property
- Allocating UBIA to partners/shareholders
- UBIA treatment and allocation in nonrecognition transactions and other scenarios
- Section 1031 like-kind exchanges
- Involuntary conversions
- Transfers between affiliated group members
- Section 168(i)(7) step-in-the-shoes transactions
- Excess Sec. 743(b) basis adjustment
- Aggregation questions
The panel will review these and other critical matters:
- What assets qualify as UBIA property?
- What is your UBIA when dealing with like-kind exchanges, involuntary conversions and other transactions?
- How do you calculate the excess Section 743(b) basis adjustment?
- What concrete steps can be taken to maximize UBIA for eligible taxpayers?
- How is UBIA reported and allocated to partners and shareholders?
- How does UBIA impact your QBI deduction?
Sara A. Palovick, CPA
Ms. Palovick specializates in real estate, and focuses most of her time in the areas of partnership and individual... | Read More
Ms. Palovick specializates in real estate, and focuses most of her time in the areas of partnership and individual taxation. She assists in all areas of compliance as well as tax planning and succession planning.Close
Ian Taylor, CPA, MST
Senior Tax Manager
Mr. Taylor focuses on the taxation of closely-held partnerships and S corporations in the manufacturing and real estate... | Read More
Mr. Taylor focuses on the taxation of closely-held partnerships and S corporations in the manufacturing and real estate industries. He frequently uses tax incentives such as IC-DISCs to reduce the tax burden on my clients.Close