IRC 754 Elections for Tax Counsel: Mastering Structuring Considerations of Basis Adjustments
Navigating Complex Basis Rules and Avoiding Pitfalls in Section 754 Elections
Recording of a 90-minute CLE/CPE webinar with Q&A
This CLE/CPE webinar will provide tax counsel with comprehensive guidance on the 754 election for partnerships. The panel will discuss 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.
- The mechanics of a Section 754 election
- 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
- 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 important issues:
- Mechanics of making a Section 754 election at partnership level and understanding “inside basis” vs. “outside basis”
- 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?
Professor Bradley T. Borden
Professor of Law
Brooklyn Law School
Professor Borden’s research, scholarship, and teaching focus on taxation of real property transactions and... | Read More
Professor Borden’s research, scholarship, and teaching focus on taxation of real property transactions and flow-through entities (including tax partnerships, REITs, and REMICs). He teaches Federal Income Taxation, Partnership Taxation, Taxation of Real Estate Transactions, and Unincorporated Business Organizations, and he is affiliated with the Dennis J. Block Center for the Study of International Business Law. His work on flow-through and transactional tax theory appears in articles published in law reviews including Baylor Law Review, University of Cincinnati Law Review, Florida Law Review, Georgia Law Review, Houston Law Review, Iowa Law Review, Tax Lawyer, and Virginia Tax Review, among others. His articles also frequently appear in leading national tax journals including Journal of Taxation, Journal of Taxation of Investments, Real Estate Taxation, and Tax Notes.Close
Janice H. Eiseman
Cummings & Lockwood
Ms. Eiseman focuses her practice on the taxation of closely held businesses and tax planning for owners and investors.... | Read More
Ms. Eiseman focuses her practice on the taxation of closely held businesses and tax planning for owners and investors. She has broad-based experience counseling clients on the formation, ownership and structuring of various business entities, as well as drafting and negotiating tax-based and transactional documentation for both individual and business clients. She has also done controversy work before the Internal Revenue Service and the New York State Department of Taxation and Finance.Close