Cummings & Lockwood

“IRC Section 734 Adjustments: Applying the 754 Election to Distributions of Partnership Property”

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May 9, 2018

Author: Janice H. Eiseman

Janice Eiseman, a Principal in the Stamford office, gave a CLE program for Strafford in New York City on May 9, 2018 entitled “IRC Section 734 Adjustments:  Applying the 754 Election to Distributions of Partnership Property.”   Designed for accountants, the purpose of the seminar was to review the rules set forth in Section 734(b) of the Internal Revenue Code of 1986, as amended, on partnership adjustments to the tax basis of assets held inside the partnership.  These rules are extremely important to keep the tax basis books of the partnership balanced; that is, to keep the aggregate tax bases of the assets held by the partnership in balance with the aggregate tax bases of the partnership interests held by the partners.