WOW this is unbelievable. I don’t think that Section 754 applies here, since the difference between the 90K and the 60K is mostly due to accumulated depreciation over the last 15 years. I only paid $3,000 over the original purchase price of 15 years ago.
Assuming that I don’t need to file a step up Section 754, how can I resolve the following, using TurboTax:
1) How do I increase my capital account by $90,000
2) How do I zero my partner negative ending capital of $30,000
