IRS PLR: Partnership Granted Extension for Late §754 Election Following Partner’s Death (I.R.C. §754)

The IRS has published a private letter ruling on I.R.C. §754 and Treas. Reg. §301.9100 granting a partnership 120 days to make a late §754 election for property basis adjustments following a partner’s death. [PLR 202601010]

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