Earned Income Calculation

[austin3515]

"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.

[Belgarath]

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