You should not have received a separate K-1 just for a Section 754 adjustment. This is usually reported on the K-1 line 13 and noted as such in the footnotes to the K-1.
Now what may have happened is you received a second K-1 as a result of a technical termination, but it would not have just reported the Section 754 adjustment.
Without knowing exactly what occurred here, difficult to provide real clear guidance. However, if the EIN is the same (as I would imagine it would be), AND the only thing reported on the second K-1 is the Section 754 adjustment (which should not have happened in the first place), then I would just add this amount to the K-1 input that is already in your system for the original K-1.
You may want to inquire with the LLC as to why you received a separate K-1 just for the Section 754, as unless there was a technical termination, you should only be receiving one K-1.
Technically, the Section 754 is just an election. The adjustment is either Section 743 or 734, and I would assume it is the later in the case of a death where the LLC redeemed the deceased member.
*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.
