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 course 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, CPA
Capell Barnett Matalon & Schoenfeld
Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and... | Read More
Mr. Barnett’s practice is highly concentrated in the areas of taxation, trusts, estates, corporate and partnership law and charitable planning. His experience includes surrogate’s court practice, tax dispute resolution in both federal and state jurisdictions, and tax court representation. Mr. Barnett frequently assists clients in structuring financial transactions and charitable gifts. His articles and lectures encompass a wide variety of topics, including business succession, estate planning, generation-skipping, stock options, effective strategies for removing tax liens, proper utilization of the marital deduction and utilization of partnership elections.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
Access Anytime, Anywhere
CPE credit is not available on downloads.