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What Is a 754 Election?

Section 754 of the Internal Revenue Code (IRC) deals with complex issues that often arise in connection with assets owned by a partnership. Under Section 754, a partnership may adjust the basis of partnership property when the property is distributed or when a partnership interest is transferred. Section 754 also allows new partners to reconcile […]

Understanding Section 263A Regulations

Under the Internal Revenue Code (IRC), Section 263A requires large taxpayers to capitalize certain costs — that is, include them in the property’s basis — rather than write them off as expenses. Also known as the uniform capitalization (UNICAP) rules, Section 263A outlines which costs must be capitalized, as well as which costs and businesses […]

Calculating At-Risk Basis in a Partnership 

Section 465 of the Internal Revenue Code (IRC), also known as the at-risk rules, is part of the Tax Reform Act of 1976. These tax regulations were enacted at a time when tax rates were 70% and the tax laws were being heavily manipulated in an effort to reduce taxable income. One approach taxpayers used to reduce taxable income was to shelter it using losses in investments financed through loans not collectable […]

The Value of Online Continuing Education for Tax Professionals

No matter your profession, it is critical for you to continue learning every day to adapt to the changing landscape of the business world and stay at the top of your game. This is especially true for tax professionals who have to know the ins and outs of frequently changing tax laws and standards in accordance with the IRS. To continue doing business at a […]

The Difference Between the Inside and Outside Basis in a Partnership

The basis in an investment refers to a party’s economic interest in the investment. In other words, it is used to describe the amount of value that you’ve imparted to the investment. If you invest $10 in stock and then sell it for $15, the original $10 is your basis and the $5 you’ve earned is […]