- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
Partnerships can be complicated especially when there are changes to partners, distributions of assets, transfers, exchanges and sales of partnership assets. A partnership's basis in its assets is unaffected by partnership distributions and transfers of partnership interests unless a Code Sec. 754 basis adjustment election has been made by the partnership or the partnership has a substantial basis reduction. This course details how basis adjustments are calculated and made to partnership property depending on different circumstances and includes examples and scenarios.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize the regulations covering partnership property basis adjustments;
identify scenarios where the regulations of basis adjustments are applicable; and
determine the nuances to the necessary election.