IRC §754 Election: Partner Signature No Longer Required for Partnership Basis Election

754 Election_Partner Signature No Longer Required

Prepared by Gina Lee, Senior Associate at Klug Counsel Treasury and the Internal Revenue Service (“IRS”) have finalized regulations that eliminate the requirement that an Internal Revenue Code (“IRC”) 754 election statement to adjust the basis of partnership property be signed by one of the partners of the partnership to be valid. To understand the […]

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