Top Ten Questions from Partnership Clients Regarding the Section 754 Election (T754)
May 20th, 2025 - May 20th, 2025 @ 9:00 AM-12:30PM
| Member Price |
$219 |
| Non-Member Price |
$249 |
|
|
|
Credits
4
Description
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. This course covers 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.
Objectives
Be familiar with the practical issues surrounding Section 754 and its application Effectively advise clients on these complex issues
Major Subjects
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
