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Sale of partnership interest seller's step up in bases

LF1980
Level 1

All of the partnership interest was sold to an outside party in 2020.  The partnership owns a residential real estate rental property.    

The membership purchase agreements states:

"Seller shall cause the Company to file the election pursuant to Section 754 of the Code, to adjust the basis of the Company’s property under Sections 743 of the Code on the final return for the Company
relating to the Pre-Closing Tax Period. Purchaser shall cooperate and provide such information as
may be reasonably necessary to assist Seller in the preparation of such tax returns."

I am having a hard time with the input for this for proper K-1 reporting.  The only thing I have found is a Section 754 adjustment box to check in the fixed asset entry work sheets.  Is there another screen that I need to input any of the sale information?  I believe the IRS needs a schedule attached with the calculations for the new basis.  Does the seller need to include this with the return or the purchaser only?

 

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