@Mike9241,
- I will ABSOLUTELY use the K-1 numbers on my return
- executor of the decedent's estate didn't question accuracy of the LLC's1065 + K-1s when the LLC share was inherited (2014). Neither did I.
- IRS rules say that a 754 election had to happen within 1st two partnership tax filings. But it didn't.
- LLC accountant passed away in 2016.
- LLC's tax prep has been handled by a different CPA since then.
- I'll talk with a tax pro to ensure my TT return is correct.
I really appreciate all of your time and effort on this thread!
