Your comment is exactly what a Section 754 is all about. It is you paying more than the tax basis of the assets you are buying. This provides you the ability to take depreciation on the value of the excess that you paid. While I don't have all your details, but based on what you just stated, you do have a Section 754.
1) You do not adjust your capital account by your purchase price. The capital account on your books and records has nothing to do with your purchase of the additional LLC units from another member. This additional purchase price increases your "outside basis" as noted previously.
2) As indicated in my previous comment, you must reverse the $90,000 entry you were told to make. That is completely wrong. This will then leave that member with a $60,000 capital account. You will then make an entry of $60,000 (decrease) to zero out the capital account and you would do this by running it through Schedule K-1 Section L on the other increase / decrease line. You will then make a balancing entry for this same amount on the same line on your K-1; increase of $60,000.
3) As you can now see there is a $30,000 difference between what you paid for the interest. This is EXACTLY why there is the ability to make a Section 754 election.
4) Finally, what was paid 15 years ago versus what you paid today has no bearing on anything in this transaction.
5) As stated previously, partnership tax can be complicated.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
