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there is only one shareholder.....single member LLC taxed as S Corp
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The facts remain the same.....LLC taxed as an S Corp
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I would agree there isn't anything "inside" to step up.S Corp owns assets, they are sold after sole member death to an unrelated third party.The assets are sold...
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Yes Building is on Sch E with 50/50 ownership.After a quick look,it does look like Sect 754 election refers to Partnerships only.
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If I enter a new asset with the adjusted basis, my old asset (aka....building ) will still be there.There has to be a way to adjust the basis.This cannot be the...
