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- Form 1065 step down of assets due to substantial built in loss upon sale of partnership interest
Form 1065 step down of assets due to substantial built in loss upon sale of partnership interest
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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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