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- Re: SECTION 754 AND REG. SEC. 1.743-1(K)(5)
SECTION 754 AND REG. SEC. 1.743-1(K)(5)
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MRDJJ1
Level 1
02-24-2020
02:38 PM
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I am preparing Form 1065 (9 partners) and 1 partner died in September 2019. I plan to file a section 754 election with the return but I can't compute the step-up in basis depreciation (IRC 743b) because we don't know what valuation will be used on the 706 for the fractional partnership interest until many months from now.
I am intending to make the following statement as an attachment to the form 1065:
"THIS RETURN IS BEING FILED PURSUANT TO REG. SEC. 1.743-1(K)(5)"
Any comments or suggestions will be greatly appreciated
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1 Comment 1
sjrcpa
Level 15
02-24-2020
04:37 PM
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Put the return on extension until you get the valuation.
The more I know, the more I don't know.
