§754 Election Statement

Partnership election to adjust the basis of partnership property under §734(b) (distributions) and §743(b) (transfers).

IRC § 754IRC § 734(b)IRC § 743(b)Treas. Reg. § 1.754-1

Partnership name *

EIN *

Tax year of election *

Partnership address

Signed by (partner)

Title / capacity

Date

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SECTION 754 ELECTION STATEMENT

Name of partnership:            [Partnership name]
Employer Identification Number: [EIN]
Address:                        [Address]
Tax year:                       [Year]

Pursuant to Internal Revenue Code § 754 and Treas. Reg. § 1.754-1(b), the above-named
partnership hereby elects to adjust the basis of partnership property. This election
applies to:
   (a) all distributions of property by the partnership (IRC § 734(b)); and
   (b) all transfers of an interest in the partnership (IRC § 743(b)),
for the tax year shown above and all subsequent tax years, unless revoked with the
consent of the Commissioner.


_______________________________
[Partner signature]
Partner
Date: [Date]

How & when to file: Attach to a timely filed Form 1065 (including extensions) for the tax year in which the distribution or transfer occurs. Once made, the election applies to that year and all later years until revoked with IRS consent. Since the 2017 regulation amendment the statement no longer requires a partner's signature, but it must still be filed with the return.

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