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Business & farm
one member of the LLC had a section 754 made at the time of inheritance and his section 754 deduction was included in his K-1 for the year I inherited my interest. I inherited my interest from my mother who died in May 1999. In refusing to apply section 754 to my inherited interest, the CPA relied on IRS section 743(1(k)(20(ii) which required written notice by the transferee, and apparently, the estate's executor did not provide the required notice. The final regs were not issued at the time my mother died. So I think the CPA was wrong.
In any event, when the 1st property was sold, I did not adjust my outside basis to include any part of the step up.
March 31, 2023
10:21 AM