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I am preparing a partnership tax return. Two partners have
I am preparing a partnership tax return. Two partners have negative basis and have left the entity. I would like to bring their accounts to Zero with a credit. Is this like a 754 election and allocati… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,803 satisfied customers
Tax Question Re: Code Section 754 Election My question is
Tax Question Re: Code Section 754 Election My question is directed more to the journal entries necessary once this election is made by a partnership. My client died who had an interest in partnership.… read more
Carter McBride
Carter McBride
LLM
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I have a question regarding inherited LLC and 754 step-up
I have a question regarding inherited LLC and 754 step-up basis.So my step-father has invested in 3 LLCs with $100,000 in cash invested in each LLC, and I inherited his interests as a beneficiary of h… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,723 satisfied customers
What are the specific required steps to make an IRC section
Second opinion] what are the specific required steps to make an IRC section election? Are there checklists of specific steps? Examples of letters and forms and other required documents are needed. Ple… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,723 satisfied customers
What does it mean that my company elected, pursuant to IRC
What does it mean that my company elected, pursuant to IRC Sec.754 and Reg. Sec. 1.754-1(b)(1), to apply the provisions of IRC Secs 734(b) and 743(b) to adjust the basis of partnership property as pro… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,723 satisfied customers
A limited liability partnership was owned by a trust cfeated
A limited liability partnership was owned by a trust cfeated by the former owner. At the former owners death, the trust required termination of the trust distribution of the partnership interest equal… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
283 satisfied customers
Partnership Tax QuestionLimited Partnership liquidation
Partnership Tax QuestionLimited Partnership liquidation due to death of the general partner. GP died Feb 2015. Two part question. If do a Sec 754 election does this just affect his basis in the LP as … read more
PDtax
PDtax
Owner
Master's Degree
5,963 satisfied customers
I'm doing a sec 754 election partnership. A new partner
I'm doing a sec 754 election for a partnership. A new partner has purchased a 50% interest directly from a former partner. He paid $500k for that 50% interest. The basis of the partnership assets is $… read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
How do you make a 754 election at the partner level. Remember,
How do you make a 754 election at the partner level. Remember, I said partner level, not partnership level. Do not tell me about doing it at the partnership level.… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
19,723 satisfied customers
Do you need an appraisal to elect section 754 and write up
Do you need an appraisal to elect section 754 and write up assets at the death of a partner… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
21,808 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
5,963 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
Retired
Bachelor's Degree Equivalent
36,803 satisfied customers
INHERITING PARTNERSHIP INTEREST PREVIOUSLY STEPPED UP VIA SEC
INHERITING PARTNERSHIP INTEREST PREVIOUSLY STEPPED UP VIA SEC 754 Partner A owns 25% of a closely-held partnership, with a basis of $10,000. He dies on 12/01/10 and Partner B inherits. Partnership mak… read more
BK-CPA
BK-CPA
Bachelor's Degree
919 satisfied customers
I am trying to File My Taxes for my LLC I an trying to figure
I am trying to File My Taxes for my LLC I an trying to figure out if I need to file form 8893. I have the H&R Block tax prep software. which I will never use agian because it is to difficult. Turbo Ta… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
36,803 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
36,803 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
36,803 satisfied customers
We are proposing to sell a small apartment building owned by
We are proposing to sell a small apartment building owned by 10 limited partners for some 30 years; there will be a large capital gain. It is my understanding that an IRS rule known as #754 allows a p… read more
MequonCPA
MequonCPA
CPA Firm Owner
Master's Degree
2,290 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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