Step up in basis in partnership

[jerry ken]

A father and son are in a partnership holding rental property. The father has died with the son as beneficiary. Can the father's basis of the rental property be stepped up within the partnership? They are not the only partners.

[appelman]

Generally not, unless a Section 754 election is made.

You might want to study these links:

http://taxtaxtax.com/pship/Optional%20BasisAdj.pdf

http://www2.gtlaw.com/pub/articles/2006/steinbergt06a.pdf

http://www.bvccpa.com/wp-content/upl..._a_Partner.pdf