i am going to page @Rick19744 but given the asset value stated here, you should definitely seek guidance from a tax professional.
The following link may be of some utility which, in short, provides information on how to make the election.
https://www.irs.gov/businesses/partnerships/faqs-for-internal-revenue-code-irc-sec-754-election-and-...
One thing that is clear is you will have to file a final 1065 and then you will wind up with a single-member LLC which is a disregarded entity for federal income tax purposes.
