Hi Rick,
Your response to this question has raised some questions on the advice I received from a tax professional for a similar issue that I will try to simplify here.
We have a 3 person partnership (2 being husband/wife) that each own 1/3 of the commercial real estate held by the partnership. Upon the death of 1 partner (husband) in 2021 there was no plan to sell the building, so I was advised to transfer his ownership to an "Estate of" partner. Should we have instead done the 754 election at that time and gone ahead and transferred his 1/3 to the wife's partnership basis? I am trying to decide before my time for the 754 election runs out.
Thank you for your time.
