Sec 754 Election following a transfer of partnership interest - Spidell

Sec 754 Election following a transfer of partnership interest

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Message Board Sec 754 Election following a transfer of partnership interest

This topic contains 1 reply, has 2 voices, and was last updated by Mike Giangrande 3 months, 2 weeks ago.

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  • #175113
    Anonymous

    On purchase of partnership interest, is the election for both Sec 754 & 743(b) to adjust the basis of partnership property? The purchase also included Goodwill. Will the election also cover goodwill?

  • #175120
    Mike Giangrande
    Participant

    The election is done under section 754. The basis adjustment for the 754 election is done under either section 743 or 734.

    And yes, the election covers goodwill.