Federal Tax

  • 1.  Amended Section 754 adjustment

    Bronze Most Valuable Member
    Posted 02-04-2023 04:01 PM
    Hi All. I have a client who is a partner in a real estate rental LLC. He was entitled to a 754 adjustment back in 2019, but the accounting firm that prepared the 1065 never made the election and will not go back and amend the return. Once I obtain the signed authorization and engagement letter to prepare the amended return to claim the 754 adjustment, do I need to wait for IRS approval before amending the partner's 1040? Any help would be appreciated.

    Thanks

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    Dominic Frandina
    DOMINIC A FRANDINA CPA
    Floral Park NY
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  • 2.  RE: Amended Section 754 adjustment

    Platinum Most Valuable Member
    Posted 02-05-2023 02:43 AM
    Dominic:

    look ar TRS 301.9100-2.

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    Robert Brown
    Adeptus Partners LLC
    Jericho NY
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    Original Message


  • 3.  RE: Amended Section 754 adjustment

    Bronze Most Valuable Member
    Posted 02-07-2023 03:08 PM
    Thanks so much Robert

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    Dominic Frandina
    DOMINIC A FRANDINA CPA
    Floral Park NY
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    Original Message


  • 4.  RE: Amended Section 754 adjustment

    Platinum Most Valuable Member
    Posted 02-07-2023 03:30 PM
    Any time my friend!

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    Robert Brown
    Adeptus Partners LLC
    Jericho NY
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    Original Message


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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.