IRS PLR: Partnership Granted Extension to Make Late Basis Adjustment Election After Partner’s Death (IRC §754)

The IRS has published a private letter ruling on I.R.C. §754 and Treas. Reg. §301.9100 granting partnership 120 days to make a late §754 election following a partner’s death, allowing basis adjustments to partnership property as if the election had been timely filed. [PLR 202552002]

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