EVENT DESCRIPTION
Specific compliance matters and tax savings opportunities come in to play when a partner or shareholder passes away. For partnerships this course will review, steps to maintain partnership tax status, if needed, and on boarding the new partners/heirs including basis calculations. Also, important considerations for a Section 754 step up in basis for the partnership interest and partnership assets. For S corporations, we'll review S corporation status and phantom taxable income exposure for the family and heirs of the deceased shareholder. Step basis for S corporations and C corporations is handled substantially different than for partnerships or LLCs filing as partnerships. We'll review critical issues related to the death of a shareholder and discuss other tax savings opportunities for the heirs.
EVENT OBJECTIVE
- 1. Understand tax implications on the death of a partner vs death of a shareholder
- 2. Evaluate step up options and reporting for available step up opportunities.
- 3. Learn final and beginning basis calculations for new shareholders & partners and their heirs.
- 4. Determine if the S corporation has a requirement to make any elections related to stock held by a trust
- 5. Learn a tax preparers potential exposure in advising the heirs of a deceased shareholder.
COURSE NAME
Death of a Partner: Partnership §754 Election
