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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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Section 754 Election
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rcarmarkcpa
Level 2
06-22-2023
03:53 PM
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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?
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Accountant-Man
Level 13
06-22-2023
10:18 PM
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Correct.
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