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754 election
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mb3
Level 1
05-12-2020
01:01 PM
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I have an individual client who has interest in a partnership. The client had a valuation done to get a set up in basis at the time of her husband's death. The partnership did not make a 754 election. Is there a way of making a late 754 election? Or what should I do as I only prepare the individual return and not the partnership return? Thank you
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1 Comment 1
sjrcpa
Level 15
05-12-2020
04:15 PM
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Its a partnership election. Nothing you or your client can do.
Do keep track of her basis starting with the date of death valuation.
Ex-AllStar
