Course description
Partnerships and Section 704(c)
Gain a better understanding of Section 704(c) provisions and prevent errors and penalties.
Many investors in partnerships, LLCs, and other entities treated as partnerships and their tax advisors struggle with the concepts and the operating rules that apply to Section 704(c). These rules potentially apply whenever property is contributed to such a partnership-treated entity or is distributed from such an entity. The regulations under Section 704(c) provide a very flexible but very complicated set of rules for required allocations that apply to contributions of property and distributions of property from an entity that is treated as a partnership.
Who should attend?
This live webinar is designed for accountants, CPAs, CEOs, presidents, vice presidents, CFOs, controllers, business owners and managers, bookkeepers, tax preparers, enrolled agents, and attorneys.
Training content
Section 704(c) – General Concepts
- Forward Allocations
- Reverse Allocations and Section 704(b)
Forward Allocations
- Book Value vs. Tax Basis Issue
- Methods of Allocation
- Traditional Method
- Curative Allocations
- Remedial Method
Reverse Allocations
- Section 704(b) Issue Upon Revaluation of Capital Accounts
- Aggregation Elections
Statutory Backstopping of Section 704(c)
- Section 704(c)(1)(B)
- Section 737
Certification / Credits
Credits: AIPB ,CLE ,Enrolled Agents ,CPE
Learning Objectives
- You will be able to define general concepts of Section 704(c).
- You will be able to describe forward allocations.
- You will be able to discuss reverse allocations.
- You will be able to explain statutory backstopping of Section 704(c).
About Lorman Education Services
Lorman Education Services - Live and On-Demand Courses
Lorman Education Services is a leading provider of online professional development and corporate training for organizations and individual professionals. For more than 30 years, Lorman has delivered relevant, high-quality, professional-level courses that cover a broad range of business and technical...
