IRS Clarifies Election Procedures for Partnership Properties (2)

The IRS released final regulations to amend current tax law governing how to make elections to adjust basis of partnership properties.

The agency issued the rule (RIN 1545-BN94) (TD 9963) Thursday.

The measure amends current regulations to remove the requirement that an election filed pursuant to tax code Section 754 must be signed by a partner.

Eric Sloan, a partner at Gibson, Dunn & Crutcher LLP, said anything the IRS can do to make it easier for taxpayers is helpful, and this rule does that by not requiring another piece of paper.

“Taxpayers are grateful,” he said. ...