Section 754 and Basis Adjustments for Partnership and LLC Interests
Navigating Complexities in Federal Tax Treatment of Distributions and Sales of Interests
Recording of a 110-minute CPE/CLE webinar with Q&A
This teleconference will provide advisors with a thorough review of both the material terms and practical considerations involved with Sect. 754 elections and basis adjustments for sales or distributions of partnership interests or property.
- Fundamental issues underlying Sect. 754 and related administrative guidance
- Partnerships choose how basis will be adjusted in event of a distribution or sale
- Sect. 734 distributions of property
- Sect. 743 distributions of partnership interests
- Potential step-up adjustments to basis
- Allocating the step-up
- Potential step-down adjustments to basis
- Sect. 754 election process
- Evaluating future implications of a Sect. 754 election
- Common computation challenges with basis adjustments
- Common reporting issues with basis adjustments
The panel will analyze and tackle these and other relevant topics:
- Sect. 754 election rules: How to make a proper election, and the practical pros and cons of doing so.
- Effects of Sect. 754 elections: Effects on depreciation when partnership interests or property is distributed or sold.
- Basis adjustments: Avoiding common mistakes in calculations and reporting.
- Step-ups and step-downs: Understanding the rules for each situation.
Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.
Cummings & Lockwood
Her practice specializes in taxation of closely held businesses and tax planning for owners and investors, with a... | Read More
Her practice specializes in taxation of closely held businesses and tax planning for owners and investors, with a particular emphasis on structuring of various business entities. She also has handled tax controversy work before the IRS and New York State tax authorities.Close
Craig A. Taylor
Carruthers & Roth
His practice works with closely held businesses, particularly LLCs and especially involving real estate investment and... | Read More
His practice works with closely held businesses, particularly LLCs and especially involving real estate investment and ownership vehicles.Close
Principal, National Tax Services
He specializes in partnership taxation issues. Before joining the firm, he worked for four years as an attorney-advisor... | Read More
He specializes in partnership taxation issues. Before joining the firm, he worked for four years as an attorney-advisor with the IRS Office of Chief Counsel (Passthroughs and Special Industries).Close