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Level 1
May 12, 2020
Question

754 election

  • May 12, 2020
  • 1 reply
  • 5 views

I have an individual client who has interest in a partnership. The client had a valuation done to get a set up in basis at the time of her husband's death. The partnership did not make a 754 election. Is there a way of making a late 754 election? Or what should I do as I only prepare the individual return and not the partnership return? Thank you

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1 reply

sjrcpa
Level 15
May 12, 2020

Its a partnership election. Nothing you or your client can do.

Do keep track of her basis starting with the date of death valuation. 

The more I know the more I don’t know.