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Section 754 Step in Basis Understanding the Tax Issues for Partnerships and LCS Urgent www.cpenow.comCopyright Notice Any reproduction or unauthorized use of these materials, without the express written
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How to fill out section 754 step-up in
How to fill out section 754 step-up in
01
Determine the taxable and non-taxable portions of the partnership's assets.
02
Calculate the FMV (Fair Market Value) of the partnership's assets and the adjusted tax basis of the assets.
03
Identify the partnership's liability allocation.
04
Determine each partner's share of the tax basis adjustment.
05
Calculate the partner's total tax basis in the partnership after the step-up.
06
Report the section 754 election on Form 1065, U.S. Return of Partnership Income.
Who needs section 754 step-up in?
01
Partnerships that have a substantial difference between the fair market value and tax basis of their assets should consider using section 754 step-up.
02
Partnerships that are expecting or planning a significant ownership change or transfer of partnership interests.
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