CPE Course Section 754 Elections' Redemption of a Partner

October 31, 2017

3:30 PM — 7:00 PM

Location Webinar

Member Price $120.00
Non-member Price $188.00

Curriculum Taxation

Field of Interest

Level Intermediate

Designed For

Attorneys who draft partnership agreements and advise partnerships; CPAs who prepare forms 1065, 568, 565 and Schedule K-1 for partnerships and LLCs; and CPAs who prepare partner income tax returns (forms 1040 or 1120) and advise partnerships and partners on tax-smart strategies.

4.00 credits

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Objective

  • Recognize how to make a timely section 754 election.
  • Determine how to compute and report the section 743 or 734 adjustments.
  • Determine how to allocate the basis adjustments among partnership assets per section 755.
  • Identify the circumstances in which the 754 election is deemed made.
  • Recognize the benefits and downsides of the election on the partners.
  • Identify the conflicts between the partners that result from the election.
  • Determine strategies for making a late section 754 election beyond merely a PLR request.
  • Distinguish a current distribution from a liquidating distribution.
  • Recognize the unique tax considerations related to the retirement or death of a partner.
  • Recognize the special rules involving the retirement or death of a service partner.
  • Identify the unique IRD issues involving the buy-out of a deceased partner’s successor.
  • Recognize the importance of partnership agreement language with respect to the above issues.
     

Highlights

  • Sections 754 elections and purchases or inheritances (section 743)
  • Section 754 elections and distributions (section 734)
  • Section 755 allocation rules
  • Liquidating distributions to partners (AKA: redemptions)
  • Treatment of retired partners or successors of a deceased partner
  • Special treatment relating to a retired or deceased service partner

Instructors

Prerequisites

General knowledge in partnership taxation.

Developer

California Society of CPAs

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