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 CLE webinar with Q&A
Conducted on Tuesday, September 13, 2011
Recorded event now available
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.
Sect. 754 is a critical part of the Code for advisors working on partnership tax matters. It governs an election for treating basis in the event that an interest in a partnership or an LLC taxed as a partnership is sold at fair market value. Implications for depreciation deductions are important.
How should the "step up" adjustments to basis in the partnership's assets be calculated and recorded? How do the rules for a Sect. 734 distribution of property and a Sect. 743 distribution of property interest differ? How should a "step down" in basis and negative depreciation be recorded?
Tax advisors must understand the rules and the practical hows and whys to make a Sect. 754 election. Further, you must reach the bottom line on basis and depreciation issues, make complicated adjustment calculations, and make the right choices for reporting on depreciation schedules.
Listen as our panel of experienced advisors gives you a drill-down briefing on Sect. 754 and related administrative guidance, and translates it into the practical challenges that confront practitioners working on complex partnership tax issues.
- 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.
Upon completing this seminar, you will have a better understanding of the complex tax and depreciation issues for partnerships and partners involved with sales of interests and property governed by Sect. 754. You will have a better grasp of the range of issues to consider with Sect. 754 elections.
Janice Eiseman, Principal
Cummings & Lockwood,
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.
Craig Taylor, Director
Carruthers & Roth,
His practice works with closely held businesses, particularly LLCs and especially involving real estate investment and ownership vehicles.
Craig Gerson, Principal, National Tax Services
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).
On-Demand Seminar - Audio Recording
Includes recorded streaming audio of full program plus PDF handouts.
Note: Self-study CPE and EA credits are not offered on on-demand webinars.
On-Demand Seminar Audio $69.00
Includes full event recording plus handouts.
Note: Self-study CPE and EA credits are not offered on recorded events.
Strafford is an approved provider and self-study CLE credit is available in the following states.
AK, AZ, CA, CO, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NM, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
Strafford will process CLE credit for one person on each recording.
Recorded Webinar Download $69.00
Recorded Audio Download (MP3) $69.00
DVD (Slide Presentation with Audio) $69.00 plus $9.45 S&H
NASBA CPE Sponsor
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
IRS Approved Provider
Strafford is an IRS approved continuing education provider.
Requires Adobe Reader 8 or later. Download Acrobat FREE.
Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.
Many states grant CLE credits for on-demand streaming audio programs and recorded events. Our programs are pre-approved in many states. Refer to our state CLE map for state-specific information.
I loved the tools and handouts. Every CPE class should offer these kind of tools.
Sample and Bailey
The conference was technical, informative and presented at a good pace.
I liked the concentration on specific issues and examples.
Komisar Brady & Co.
Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.
Rhonda G. Williams, CPA
Barraclough & Associates
I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.
Savas Greene & Company
Accounting Tax Services Advisory Board
Partner-In-Charge, Internal Audit & Risk Management
Professor of Accounting
Roth & Co. CPAs
Ernst & Young
Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.