ALR7
Level 2
08-29-2022
11:47 AM
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What is the best way in Proseries 2021 Form 1065 to enter a step down of an asset due to substantial built in loss rules upon sale of a partnership interest? The step down needs to be applied only to the incoming partner. No 754 election made. There's no way to enter a negative asset. Full depreciation should be recorded and then a reduction of depreciation needs to be allocated to the incoming partner that generated the step down.
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