IRS PLR: Partnership Basis Election Extension Granted (IRC §754)

The IRS has issued a private letter ruling on Section 754 granting taxpayer a 120-day extension to file an election under Section 754 to adjust the basis of partnership property for the taxable year. The ruling requires the taxpayer to file Form 1065-X or Form 8082, as applicable, and adjust the basis of its properties and the partners’ interests in the partnership to reflect the Section 754 adjustments. [PLR 202536019]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.