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Surgent's Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs

 Various
 
2.0
Registration is Open
Member Price
$99.00 Regular Registration
Your Price
$104.00 Regular Registration
This course is being offered on multiple dates, listed below. Click the Register button next to your preferred date to register.
 Mon, 06/16/2025 from 2:00 pm to 4:00 pm
 Thu, 07/10/2025 from 10:00 am to 12:00 pm
 Tue, 07/22/2025 from 10:00 am to 12:00 pm
 Fri, 08/01/2025 from 1:00 pm to 3:00 pm
 Wed, 09/10/2025 from 10:00 am to 12:00 pm
 Mon, 09/22/2025 from 1:00 pm to 3:00 pm
 Fri, 11/07/2025 from 3:00 pm to 5:00 pm
 Fri, 11/14/2025 from 10:00 am to 12:00 pm
 Thu, 12/11/2025 from 10:00 am to 12:00 pm
 Fri, 01/23/2026 from 1:00 pm to 3:00 pm
 Fri, 02/27/2026 from 10:00 am to 12:00 pm
 Currently available
Designed For:

Any Accounting and Finance Professional who wishes to understand the tax rules and economic opportunities associated with having a partnership make a Section 754 election

Prerequisite:

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

When a purchaser buys an existing partner's partnership interest or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, the amount paid becomes the basis for the purchaser's partnership interest (outside basis). If the partnership's assets have appreciated sufficiently, the difference between the new partner's inside and outside basis can be substantial. This disparity can deprive the new partner of depreciation deductions and inflate his or her share of the gain from subsequent property dispositions unless a Section 754 election is in effect. The Section 754 election can also apply when a partnership makes a distribution of property and the basis of the distributed property to the partnership and the basis the partner/distributee will take in the distributed property are not equal. In this case, a partnership can recover basis it would otherwise lose if the 754 election were not in effect.

Delivery Method: Individual webcast
CPE Credit: Taxes
Program Level: Intermediate

This course is being offered by a 3rd party vendor and will not be accessible on your My CPE page. Webinar access information will be emailed directly to you by Surgent McCoy.

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

Speakers

Advanced Preparation

None

Vendor

The Virginia Society of CPAs (VSCPA) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.

For more information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call (800) 733-8272.