Surgent's Understanding Partnership Taxation: PTE Elections, 754 Elections, and Selling a Partnership Interest
2.00 Credits
Member Price $99
Non-Member Price $119
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
David Peters, CPA Crossings, LLC Two Commerce Square
David R. Peters, CPA, CFP, CPCU, MST, MBA Peters Tax Preparation & Consulting, Richmond, VA & Rock Hill, SC David Peters is an independent tax preparer for Peters Tax Preparation & Consulting, and a financial advisor and outside representative for Carroll Financial Associates. He has over fourteen years of experience in financial services, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer of Compare.com, an insurance price comparison company - a position he held for over three years. He was also instrumental in the early success of Elephant Auto Insurance, a six state auto insurance carrier, located in Glen Allen, VA. He holds four masters degrees, and is currently pursuing his PhD in Financial Planning. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics in Virginia, North Carolina, and South Carolina. He is an Adjunct Professor in Finance and Accounting at Winthrop University in Rock Hill, SC, and teaches regularly for Kaplan Test Preparation. He contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.
Non-Member Price $119
Member Price $99