I am preparing Form 1065 (9 partners) and 1 partner died in September 2019. I plan to file a section 754 election with the return but I can't compute the step-up in basis depreciation (IRC 743b) because we don't know what valuation will be used on the 706 for the fractional partnership interest  until many months from now.

I am intending to make the following statement as an attachment to the form 1065:

          "THIS RETURN IS BEING FILED PURSUANT TO REG. SEC. 1.743-1(K)(5)"

Any comments or suggestions will be greatly appreciated