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CCH Axcess Tax

Adjust the Basis of Partnership Property Under IRC Section 754

Check this field to print the following election:

Election to Adjust the Basis of Partnership Property Under Internal Revenue Code Section 754

(Name) hereby elects, pursuant to IRC Sec. 754 and Reg. Sec. 1.754-1(b)(1), to apply the provisions of IRC Secs. 734(b) and 743(b) to adjust the basis of partnership property as provided by IRC Sec. 755. The election is effective beginning with the tax year ended (date), and applicable to all subsequent years.