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IRC §751 (Hot Assets) (Completed)

Date: Wednesday, February 5, 2025
Instructor: A.J. Reynolds
Begin Time:  11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card

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.

Topics Covered

  • Provide a useful overview of techniques to assist tax professional in assisting clients who sell partnership interests
  • Distinguish categories of Hot Assets
  • Analyze the three steps necessary to be calculated on every calculation regarding § 751
  • Ensure that we do not, as tax advisors, assume that equally situated taxpayers will be treated similarly by the Tax Code
  • Form 8308
  • Detail Examples on the mechanics of IRC § 751 transactions

Learning Objectives

  • Distinguish the categories of Hot Assets
  • Extrapolate issues skulking in the tax code that can emerge & cause tax agony for our clients
  • Interpret why similar types of entities do not always have the same tax results
  • Discuss Form 8308
  • Provide detailed examples

Level
Overview

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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