IRC Section 751 (Hot Assets) FLEXCAST

Overview

When a partner starts the negotiation process to sale their interest they may not consider the tax treatment of Hot Assets. These Hot Assets are business assets, that if sold have the potential to create ordinary income. This course will provide a useful overview of techniques to assist the tax professional in assisting their clients who sell partnership interests. Ensure that we do not, as tax advisors, assume that equally situated taxpayers will be treated similarly by the Tax Code.

Highlights

Categories of Hot Assets. Potential Issues.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Distinguish the categories of Hot Assets. Analyze the three steps necessary to be calculated on every calculation regarding IRC Section 751. Extrapolate issues skulking in the tax code that can surface and cause tax pain to our clients. Interpret why similar types of entities do not always result with the same tax results. Discuss Form 8308. Provide detail examples to demonstrate how Section 751 applies to the sale of partners’ interest

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.