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

• 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

• 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
• Allocating the 754 basis adjustment
• Automatic built-in loss provisions – including an important change brought about by the Tax Cuts and Jobs Act of 2017