BEGIN:VCALENDAR VERSION:2.0 PRODID: BEGIN:VEVENT UID:135014mb DTSTAMP:20260411T145937Z DTSTART:20260421T170000Z DTEND:20260421T203000Z SUMMARY: Surgent's Basis Shifting: Final Regulations (4 hours) DESCRIPTION: The Internal Revenue Service has targeted complex partnerships it believes are not in compliance with the tax law for audit. One of the abuses the IRS has attacked is transfers of interests in partnerships which result in an increase in the basis of a partner who is subject to a high marginal income tax rate. This perceived abuse results in lower income tax and/or a higher basis in partnership property for the higher marginal income tax partner. The final regulations basically characterize certain partnership-related basis adjustments as transactions of interest on the part of the IRS. In a practical sense\, this means that property transfers in a partnership with related party partners may run the risk of IRS scrutiny if audited. It is common for certain types of partnerships\, such as real estate limited partnerships\, to have related-partner partnerships. The IRS may decide to scrutinize partnerships with related party transfers. Since these final regulations presume an understanding of the rules for partnership distributions and Section 754 elections\, the program begins with coverage of those two topics\, with time devoted to adjustments under both Section 743(b) and Section 734(b). It would be hard to understand the IRS's claim of abuse without a working knowledge of these transactions. NOTE: This course qualifies for IRS CE (PTIN) credit. To receive IRS CE credit\, please email your PTIN to profdev@orcpa.org at the end of the course. Surgent will report credit at the end of each quarter.If you have questions\, you can contact Professional Development at 503-641-7200\, ext. 3 or email profdev@orcpa.org. CLASS:PUBLIC END:VEVENT END:VCALENDAR