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.
DESIGNED FOR
Tax and financial advisors who have partnership clients
BENEFITS
- 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
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
ADVANCE PREPARATION
None
ADDITIONAL NOTES