(SSTX210/25) Surgent’s Section 754 Step-Up in Basis: Understanding the Tax Issues for Partnerships and LLCs
When a purchaser buys an existing partner's partnership interest or the interest of a member of a limited liability corporation (LLC) taxed as a partnership, the amount paid becomes the basis for the purchaser's partnership interest (outside basis). If the partnership's assets have appreciated sufficiently, the difference between the new partner's inside and outside basis...
Credit Hours: 2