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

The IRS has published a private letter ruling on Section 754 and Treasury Regulations Section 301.9100, granting the taxpayer an extension of 120 days from the date of the letter to file an election to adjust the basis of partnership property for its taxable year ended on a specified date. The extension is contingent on the company’s filings containing adjustments to the basis of its properties to reflect any Section 734(b) or 743(b) adjustments. [PLR 202525003]

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