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 premium CLE/CPE video webinar with Q&A
This CLE/CPE course 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.
Outline
- 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
- Benefits
Benefits
The panel will review these and other key issues:
- Mechanics of making a Section 754 election at the partnership level and understanding "inside basis" vs. "outside basis"
- Benefits and disadvantages of making the 754 basis election
- Rules governing step-up and step-down basis adjustments
- Rules for allocating basis adjustments
- Impact of the 754 election on individual partners and the partnership
- Common pitfalls in basis adjustments, and what practitioners can do to avoid these pitfalls
Faculty
Professor Bradley T. (Brad) 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.
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Joseph C. Mandarino
Partner
Smith Gambrell & Russell
Mandarino is a Partner in the Tax Practice of Smith, Gambrell & Russell, LLP. His practice focuses on... | Read More
Mandarino is a Partner in the Tax Practice of Smith, Gambrell & Russell, LLP. His practice focuses on corporate, tax and finance law. Mr. Mandarino is involved with a wide variety of businesses and transactions, including experience with compliance, planning and M&A activities for partnerships, individuals and corporations. Mr. Mandarino writes and speaks extensively on a wide range of business, tax and finance topics.
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