IRC Section 754 Elections & Form 7217

This Program will provide a practical, transaction-driven framework for

understanding the §754 election and the related §743(b) and §734(b) basis

adjustment regimes that can align (or further differentiate) partner-level and

partnership-level tax attributes. Participants will learn how a partnership-

level §754 election causes the partnership to apply §743(b) adjustments for

transfers of partnership interest and §734(b) adjustments for certain

property distributions. The course will address when adjustments may be

mandatory even without an election, including transfers involving a

substantial built-in loss and distributions producing a substantial basis

reduction. Participants will go over the IRS recently introduced Form 7217,

the partner-level attachment used to report the tax basis of property (not

cash) received in a nonliquidating or liquidating distribution under §732,

including the computation and allocation of any §732 basis adjustments.

"Our best deal is always to become a monthly subscriber"

*Self-Study recording available for IRS CE Credit only (NO CPE)

NASBA Field of Study:  Taxes

IRS Program #: 7Q3WU-T-00982-26

CTEC Course #: 6248-CE-00338

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