Webcast: Surgent's 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

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC

Leader Bios

David Peters, CPA, CFP, CLU, CPCU, MST, Surgent McCoy CPE, LLC

David Peters is the founder and owner of Peters Tax Preparation & Consulting in Richmond, VA, and a Financial Advisor for Peters Financial, LLC. He has over fifteen years of financial services experience, including three years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Kaplan, and Surgent and was a recipient of Surgent’s Outstanding Discussion Leader award for 2019. He regularly teaches accounting, finance, insurance, financial planning, and ethics throughout the United States. He is the advisor for Business & Industry topics for the SC Association of CPAs and was a recipient of The American College’s 2019 NextGen Financial Services Professional Award. He holds four Master’s degrees and is currently pursuing his Ph.D. in Financial Planning. He regularly contributes to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018, 2019, and 2020 versions of the Virginia CPA Ethics course – a required course for all CPAs licensed in the Commonwealth of Virginia.

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