Understanding Partnership Taxation: PTE Elections, 754 Elections, and Selling a Partnership Interest
Overview
Partnership tax law is always difficult. However, when certain transactions come up, not knowing how to handle them can be costly to clients and practitioners. In this course, we discuss several of these types of situations. We will explore the tax impacts of a PTE election and how a 754 election affects the inside basis of partnership assets. We will then examine those tricky look-through provisions on the sale of a partnership interest in order to properly calculate the tax implications.
Highlights
Notice 2020-75: PTE elections What is a 754 election? What if a 754 election is not in effect? Tax implications of a partnership interest sale on the seller Look-through provisions
Prerequisites
Basic understanding of tax rules for flow-through entities
Designed For
Tax and financial advisors who have partnership clients
Objectives
Identify when a pass-through entity is able to deduct state taxes it pays at the entity level Recognize the tax implications of hot assets in the sale of a partnership interest State the character of a gain on the sale of a partnership interest
Preparation
None
Leader(s):
Leader Bios
Deborah Phillips, Surgent McCoy
Deborah A. Phillips, CPA, MST, operates her own tax controversy practice where she specializes in partnership and S corporation tax law as well as IRS audits and procedures. Debbie recently retired from the Large Business and International Division (LB&I) of the Internal Revenue Service (IRS), where she was a Senior Manager in the Flow Through Issue Practice Group (IPG). The IPG specializes in S corporation and partnership tax issues for LB&I. Debbie worked for the IRS for over 31 years, and she has extensive accounting and taxation knowledge of individual, corporate, and partnership federal tax returns. She was the Operations and Technical Assistant to the Deputy Commission International, the Technical Assistant to the Director of PFTG, a Territory Manager in the Retail, Food and Pharmaceuticals Industry, a Team Manager in the Heavy Manufacturing Industry, and the IRC Section 263A Technical Advisor.
Debbie taught graduate and undergraduate courses in accounting and taxation as an adjunct faculty member at Delaware State University, Wilmington College, and Goldey-Beacom College. She has been a seminar presenter for over 17 years as well as a textbook author.
Debbie earned her master's degree in taxation from Widener University.
Non-Member Price $120.00
Member Price $95.00