austin3515 Posted March 23, 2017 Share Posted March 23, 2017 "Anyone know how to to treat a "743(b)" election? It's something like depreciation. If anyone can point me to something on point I would appreciate. Trying to see if I treat it like section 179. So... Box 14A $250,000 Sect 179: 0 "743(b)" related to a step-up in basis in the acquisition of a business: $25.000. Austin Powers, CPA, QPA, ERPA Link to comment Share on other sites More sharing options...
Belgarath Posted March 23, 2017 Share Posted March 23, 2017 I'm thinking it is an adjustment to the partnership basis, and I would think it is already taken into account by the time you get to the 14a amount. Don't know if the following may help: https://www.law.cornell.edu/uscode/text/26/743 Link to comment Share on other sites More sharing options...
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