IRS 2023 Partner’s Instructions for Schedule K-1 (Form 1065), page 28 states:
Code U
Section 743(b) basis adjustment. The partnership will provide your section 743(b) adjustment, net of cost recovery, by asset grouping.
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In the IRS Clarifications for Disregarded Entity Reporting an section 743(b) Reporting, code U is addressed in FAQ 6.
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