On Apr 16, 4:14*pm, comenngo...[at]gmail.com wrote:
- quote -

When I say step up I mean increase it to the amount I have purchased
the whole property for (the original 42,500 plus the 92,500 I have
purchased the other half for).

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Me and a partner own a partnership that owns a rental property. I am
going to buy my partner out, thereby terminating the partnership for
tax purposes. My basis in the property (without adjustments) is
$42,500 right now. I am buying him out for $92,500. How do I step up
my basis to the proper amount on my taxes? I do not believe a section
754 election applies when a partnership is completely bought out and
ceases to exist.

Thanks!

========================================= MODERATOR'S COMMENT:
Step up?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >