Kentucky Society of Certified Public Accountants

Overview

This program is an in-depth analysis of the Section 754 election and the two adjustments associated with the election under Section 743(b) and Section 734(b). The 754 election is a highly technical provision that provides great tax benefits to the owners of the partnership, and particularly in the case of Section 743(b), a new partner. In this webinar, our expert panel will cover the most common questions encountered by practitioners in their daily practices. The program includes a number of examples that provide insights into the mechanics of the two adjustments that follow upon a Section 754 election.

Prerequisites

A basic understanding of the tax rules impacting individuals and pass-through entities

Objectives

Be familiar with the practical issues surrounding Section 754 and its application
Effectively advise clients on these complex issues

Highlights

How does a partner compute his or her basis in a partnership?
What is the difference between a partner’s inside and outside basis?
What is the difference between a partner’s capital account and partner’s outside basis?
How does Section 732(d) impact the buyer of a partnership interest?
How does a partnership report a Section 754 election on the partnership’s tax return?
How does a partnership make a Section 754 election?
How does a partnership make a Section 743(b) adjustment?
How does a partnership make a Section 734(b) adjustment?
How is a Section 743(b) adjustment or Section 734(b) adjustment allocated to the assets of a partnership?
How is a Section 743(b) adjustment allocated within the class of ordinary income property and capital gain property?

Register Now

Materials are generally available 3 days in advance of an event. Once you have downloaded the manual, we are unable to cancel your registration.

Event Code:

SUS0041

4 CPE Credits

Tax: 4 Credits

Registration

Member Price:

$129

Non-member Price:

$159