Surgent's Max the Tax: Section 754
Available Anytime
Location:
Online
1Credits
Technical Business
Registration is Open
FICPA Members
Nonmembers
$64.00 Regular Price
Product Code: SU24-MTT6-SSDL
Level: Intermediate
Vendor: Surgent
Field of Study: Taxes
Overview:
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.Objectives:
- 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
Major Topics:
- 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 754Prerequisite:
A basic understanding of the tax rules impacting individuals and pass-through entitiesAdditional Info:
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For technical support, registration questions or other customer service-related inquiries, please call (800) 778-7436 or email [email protected]. Phones are staffed from 8:30 a.m. to 5:00 p.m. Eastern Time, Monday through Thursday, and 8:30 a.m. to 4:00 p.m. Eastern Time on Friday.