Basis Adjustments for Partnerships and LLCs: Compliance Challenges
Navigating Complex Basis Rules and Avoiding Pitfalls in Section 754 Elections
Recording of a 110-minute CPE webinar with Q&A
This webinar will analyze the basis adjustment rules associated with sales, transfers and partnership interests or property distributions; review the impact of the Section 754 election for individual partners and the partnership; and discuss structuring transactions to avoid unintended tax consequences.
- Inside and outside basis issues
- Ability to make 754 election due to a transfer
- What happens under 743(b) when a 754 election is made?
- 755 basis adjustments
- Basis adjustments for partnerships and LLCs
- 734(b) adjustments for distributions from partnerships
- Making a 754 election
- Other nuances for consideration
- Partnership technical terminations
- Adjustments to basis of a corporate partner’s stock
- Contingent liabilities and allocations of basis adjustments
The panel will review these and other key issues:
- What are the benefits and disadvantages of making the 754 basis election?
- What are the rules governing step-up and step-down basis adjustments?
- What are the rules for allocating basis adjustments?
- What is the impact of the 754 election on individual partners and the partnership?
- What are common pitfalls in basis adjustments, and what can practitioners do to avoid these pitfalls?
Robert S. Barnett
Capell Barnett Matalon & Schoenfeld
Mr. Barnett practice encompasses business and tax planning, estate planning and federal and state tax dispute... | Read More
Mr. Barnett practice encompasses business and tax planning, estate planning and federal and state tax dispute resolution, among other engagements. He is a frequent writer on tax topics for professional journals.Close
Ernst & Young
Ms. Fischer focuses on partnership taxation issues in the Midwest. She is a prior Member of the firm’s... | Read More
Ms. Fischer focuses on partnership taxation issues in the Midwest. She is a prior Member of the firm’s National Partnership Tax Planning and Economics Group.Close
Other Formats— Anytime, Anywhere
CPE On-DemandSee NASBA details.