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Background: Wife and I were owners of 25% each of four
Background: Wife and I were owners of 25% each of four person partnership that owns one single family residence income property. Wife dies in 2015. Partnership agreement requires three remaining partn… read more
Lev
Lev
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I am in a limited partnership,and my K-1 show a negative
I am in a limited partnership,and my K-1 show a negative capital account of $1,600,000. Upon my death my heir get s a step up in basis. What happens to the negative account for the heir? … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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My husband was a partner in an LLC which was placed in our
My husband was a partner in an LLC which was placed in our trust. I am the sole trustee and want to know how to calculate my BEGINNING stepped up basis in the event of a sale. I had the shopping cente… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
There is a real estate partnership called X that has three
There is a real estate partnership called X that has three partners. One partner is a partnership called A and the two others are individuals called B and C. Partner A is made of an individual using a… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,604 satisfied customers
This is my first potential section 754 basis step-up situation.
This is my first potential section 754 basis step-up situation. I have an LLC taxed as a partnership. There are 4 equal partners, equal owners of capital, and equal sharing of profits and losses. One … read more
PDtax
PDtax
Owner
Master's Degree
4,305 satisfied customers
Hi Stephen, I'm Roger. We have a family partnership of 3 partners
Hi Stephen, I'm Roger. We have a family partnership of 3 partners that only owns one real property that is under contract for sale. All of the partners inherited their interest from the original 3 par… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
Hi Lev: similar to the partnership with 3 partners and one
Hi Lev: similar to the partnership with 3 partners and one dies..his trust now owns his 1/3 interest and is receiving distributions from the partnership....Question...is their a stepped up 754 electio… read more
Lev
Lev
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Bachelor's Degree Equivalent
27,813 satisfied customers
MASSACHUSETTS: My dad and his 3 brothers created a Investment
MASSACHUSETTS: My dad and his 3 brothers created a Investment Property Trust in 1970. Within the Trust there are 4 properties that contain commercial rental buildings. Three of the four brothers and 2… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
Im completing a final 1040 for a decendent who has a K-1 from
I'm completing a final 1040 for a decendent who has a K-1 from a publicly traded LP showing non-recourse liability (NRL). I need to compute the step-up in basis in order to determine the amount of ord… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
6,636 satisfied customers
A mother set up a living trust with real property with terms
A mother set up a living trust with real property with terms allowing her daughter to live in the home until her death then all right and title passed to the daughters children. The mother died in 199… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
Louise, who died in January 2011, was survived by her husband,
Louise, who died in January 2011, was survived by her husband, Larry. Louise's gross estate was equal to $6,000,000 on the date of death. When Louise died, Louise and Larry owned an undeveloped parcel… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
I have a partnership with 3 partners. One partner dies and
I have a partnership with 3 partners. One partner dies and there is a section 754 step-up on the partnership assets as the partners' interest is now owned by his estate. Later, the Estate has 1/2 of i… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
I have a client whos father left his land/farm to his 3 children
I have a client who's father left his land/farm to his 3 children and their step-mother. The land, home, furnishings and equipment was left to his wife in a life estate. The wife passed in may 2011 an… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
My client created a living trust( revocable) and recently died.
My client created a living trust( revocable) and recently died. The trust owned a majority interest in a limited partnership that owned a piece of real estate in Brooklyn, ny. My query is: section 754… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
What is the current status of depreciation recapture on the
What is the current status of depreciation recapture on the sale of a real estate partnership interest where there is a substantial negative basis increasing "phantom income"? Is there a different res… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
Does setting up a family trust defer California Inheritance Tax?
I own real estate in Santa Clara County California and would like to leave this property to my children without tax penalty or as little tax as possible.… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 satisfied customers
My Father in Law wishes to will his house to the two ...
My Father in Law wishes to will his house to the two children, Sue & John. Sue needs to be in a "Special Needs Trust". 1.) Will she incur any tax liability if the 50% portion of the house is willed to… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,813 satisfied customers
Valuation of Limited Partnership Interest at Death
My mother died September 19,2005. Among her assets was a private real estate limited partnership interest which originally cost $50,000, purchased in june, 2002. Fortuitously (I think) the General Par… read more
Jon Andrews
Jon Andrews
CPA
3,038 satisfied customers
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