IRS PLR: Partnership Granted Extension to Make Late Election for Property Basis Adjustments (IRC §754)

The IRS has published a private letter ruling on I.R.C. §754, and Treas. Reg. §301.9100, granting a partnership a 120-day extension to make a late §754 election for property basis adjustments, requiring appropriate basis adjustments as if the election had been timely made. [PLR 202551002]

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