Courses

Surgent's Max the Tax: Section 754 Download

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Member Price: $49.00 Non-Member Price: $64.00

Developer:: SURGENT MCCOY SELF-STUDY CPE, LLC
CPE Credits:: Taxes: 1.00
Fields of Study:: Taxes
Level:: Intermediate

Two firms need expert help with Section 754, and game participants are just the right people to assist. First, partners at LMN, LLP are considering electing Section 754. They need to understand key aspects of the process and want to ensure the best outcome to their basis in partnership property and interest. Participants must then leverage their knowledge and calculate the adjusted basis balance sheet for another firm that already elected Section 754.

Objective

Determine the amount of a Section 754 basis step-up
Know how to allocate the basis step-up to the partnership's assets
Know how a partnership makes a Section 754 election and reports it to the IRS

Highlights

How and why a partnership makes a 754 election
The effect of the 754 election when an interest in a partnership is sold or inherited
How the 754 election applies when a partnership makes a distribution of property to one or more of its partners
How to make the 754 basis adjustment

Designed For

Accounting professionals needing foundational information related to Section 754

Prerequisite

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

Advanced Preparation

None