IRS Issues PLR Granting Extension for Partnership Basis Adjustment Election after Partner’s Death

The IRS has issued a private letter ruling on Treas. Reg. §301.9100 and I.R.C. §754 granting a partnership a 120-day extension to make an election for optional basis adjustments to partnership property following a partner’s death, requiring the partnership to file the election with Form 1065-X or Form 8082 and make retroactive basis adjustments reflecting what would have occurred if the election had been timely made. [PLR 202623009]

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