Step Up Basis Election-754 Webinar

When a partner buys out another partner, or a partnership interest is inherited or bought by the partnership itself one of the single best tax maneuvers in the Internal Revenue Code is making the Sec. 754 step up basis election. This election allows the new owner to allocate the purchase price to the assets of the partnership rather than to the capital interest piece of paper. In this course we show you how to make the election, why to make the election and how to allocate the purchase price.