Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Section 754
Section 754
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
anepcar
Level 3
02-16-2022
03:52 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a partnership where one of the partners died and needs to make an election for Section 754. I am assuming this will be a very common election in partnership, due to Covid. In proseries, will you need to create a new assets for the FMV besides the original assets that the other partners currently have? If I have piece of equipment with carrying basis of 10k but the FMV is 15K, would I create a new asset name it equipment -754 for the 5k step-up and depreciate it over seven years or the remainder of three years. The allocation of this new assets will be allocated to the new partner, being the estate or trust.
Can the step-up basis qualify for section 179? I read that it qualifies for bonus if the transaction is between two unrelated parties.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
