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Event Details

Event Registration - Webinar (CA): Section 754 Elections' Redemption of a Partner

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Date:
Monday, November 13, 2017
Time:
11:30 AM - 3:00 PM Mountain Standard Time
Notes: This webinar is produced by California Ed Foundation. You will receive login instructions for your webinar at least two business days prior to the program date. Please note that these instructions will be sent by CALEd along with your CPE certificate upon completion of the webcast.
Overview:

Focus on section 754 elections and the impact on purchases, inheritances, and partnership distributions (sections 743 and 734). Secondly, focus on redemptions of a partner including those involving the retirement of a partner or the death of a partner (sections 731, 732, 742, and 736).

Discuss these topics while using case studies. Competing concerns of the partners are emphasized: e.g., conflicts between a buying partner or beneficiary and the continuing partners; and conflicts between a redeemed partner and the continuing partners. Form 1065 preparer reporting obligations, partner capital account impact, and pertinent sample language in partnership agreements will also be discussed.

Note: Course materials include an e-book and PowerPoint slides that reinforce concepts and will be available to attendees.

Materials are provided as an ebook for this course.

Major Subjects:
  • 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
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.
     
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 partn

Prerequisites:

General knowledge in partnership taxation.

Advance Preparation:

None.

Vendor:CalCPA Education Foundation
Level:Intermediate
Member/Nonmember Fees:120 / 188
CPE:Taxes 4 hour(s)
Yellow Book Credit:No
Gary McBride

Address:
Webinar
Cancel/Transfer Policy

Cancellation or transfer requests made six(6) business days or more prior to the program, no fee assessed.

Cancellation or transfer requests made two(2) to five(5) business days prior to the program, $25 fee assessed.

Cancellation or transfer requests made one business day prior to the program, $50 fee assessed.

Day of program or no notice of cancellation, 100 percent course fee assessed.

If you transfer from an in-person class course to a webcast, the above policies apply.

Remember, the COCPA reserves the right to cancel a course seven days prior to the program date. Please keep this cancellation policy in mind when making your travel plans and airline reservations. The COCPA will not be liable for flight cancellation penalties due to our cancellation.

To cancel or transfer a course, please contact the Member Services department at 303-773-2877 or 800-523-9082.

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