Question
Section 754 Election
There is a Real Estate LLC taxed as a partnership with 5 members. A father , three of his progeny and his son-in-law. The father passes away and leaves his interest to two of the four of remaining members. The fair market value of the deceased member's interest is more than his inside basis. If the partnership makes a Section 754 , only the wo members that received the additional membership interests would be entitled to benefit from the 754 election correct?
Thanks
