Accountant-Man
Level 13
10-26-2020
10:23 PM
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It has been a long while, and I can look tomorrow, but there used to be a depreciable asset code called 754 election. The partnership has to make the election, and the depreciation must be specially allocated to the appropriate partner.
743 also applies upon death of a partner. Google both codes to find out, but I think PS has automatic election forms.
You would have a separate election for each dead partner.
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