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

The IRS has published a private letter ruling on Section 754 regarding the manner of electing an optional adjustment to the basis of partnership property, granting the taxpayer an extension of 120 days to file the election, accompanied by Form 1065-X, Amended Return or Administrative Adjustment Request (AAR), or Form 8082, Notice of Inconsistent Treatment or AAR, for the taxpayer’s relevant taxable year. [PLR 202536005]

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