That is outrageous. That means he could spend 40 hours on this earning $175 / hr. That is a pretty good gig. That just means he does not want to do this work. Someone that understand this area, albeit complex, could do this in a day at most (although I have not seen your balance sheet).
I would check around. Make sure you ask if they have done this type of analysis before when you discuss it. For some it may be beyond what they are used to handling. You would have to provide most of the information related to the FMV of assets; some would be pretty straight forward. This is getting to be a busy time of the year and also a new due date for partnership returns makes it different than prior years. You may need to extend your tax return, but the Section 754 will only reduce your tax liability.
You don't technically need to make this election. It is just in your best interest to do so based on what I see with the limited facts. By not making the election you don't get the benefit until you sell your interest at some point in time. It is really just a time value proposition.
*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.
