Hi, Mipatke9241: The partnership does not hold any depreciable assets, instead has one patent and some know how. I know the basis for my interest in partnership is $1000. But how do I align my outside basis of $1000 with my inside basis of $350 by making what election? Section 743(B) , 734(b) and section 754 election? Since I don't have depreciated properties, do I adjust the basis of patent and goodwill? Really appreciate your further explanations. I am an accountant professional who was puzzled by these. Thank you!
