Surgent's Top Ten Questions from Partnership Clients Regarding the Section 754 Election
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.
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?
Prerequisites
A basic understanding of the tax rules impacting individuals and pass-through entities
Designed For
Accounting and financial professionals seeking to fortify their Section 754 knowledge base
Objectives
- Be familiar with the practical issues surrounding Section 754 and its application
- Effectively advise clients on these complex issues
Preparation
None
Leader(s):
Leader Bios
Michael Tucker, Surgent McCoy Self Study
Michael J. Tucker is an employee of Surgent McCoy CPE, LLC and a consultant for the accounting firm of T.M. Byxbee Co. in Hamden, CT. He is the author of many professional articles and a veteran TV and live-seminar presenter. In addition, he heads up Surgent McCoy’s webinar efforts, where he writes and hosts many of the webinars Surgent McCoy sponsors and presents. Mr. Tucker was a professor at Quinnipiac University in Hamden, CT and worked with KPMG Peat Marwick and Deloitte & Touche. Mr. Tucker received his J.D. from New York University, his LL.M. from Georgetown University Law Center, and his Ph.D. from the University of Houston.
Non-Member Price $199.00
Member Price $179.00