IRS Written Determinations
Free IRS private letter rulings, technical advice memoranda, and Chief Counsel advice with plain-English summaries and the official IRS release on every page.
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Partnership received 120 more days to make its Section 754 basis election
A partnership intended to make an IRC § 754 election for a particular tax year but failed to include the election with its timely partnership return. The election would apply the basis-adjustment rule…
Partnership received 120 days to make a late section 754 election
A partnership failed to make an IRC § 754 election for the year in which a partner died. The IRS concluded that the partnership met the standards for late regulatory-election relief and granted 120 da…
Partnership received 120 days to make a late section 754 election
A limited partnership failed to make an IRC § 754 election for the year in which two partners died because its tax advisers did not adequately advise it about the election. The IRS found that the part…
Partnership received 120 days to make a late section 754 election
A partnership failed to make an IRC § 754 election for the year in which a new partner purchased interests in it. The IRS concluded that the partnership met the standards for late regulatory-election …
Partnership received 120 days to make a late section 754 election
A partnership failed to make an IRC § 754 election for the year in which new partners purchased interests in it. The IRS concluded that the partnership met the standards for late regulatory-election r…
Partnership received 120 days to make a late section 754 election
An LLC that had changed from disregarded-entity to partnership status intended to make an IRC § 754 election when a buyer acquired a percentage interest, but did not timely file it. The IRS concluded …
Partnership gets more time to make a late Section 754 basis-adjustment election
An LLC taxed as a partnership wanted to make a Section 754 election, which lets a partnership adjust the tax basis of its assets when an interest changes hands (here triggered by the death of an indir…
9100 relief for a lower-tier partnership's late section 754 election
This ruling involves a tiered partnership structure: an upper-tier partnership (UTP) held a lower-tier partnership (LTP). After some restructuring, the partners of the upper-tier partnership sold thei…
9100 relief for a late section 754 basis-adjustment election
An LLC taxed as a partnership meant to make a section 754 election for the year in which new buyers acquired interests in it, but it missed the filing deadline. A section 754 election lets a partnersh…
9100 relief for a late section 754 basis-adjustment election
An LLC taxed as a partnership meant to make a section 754 election for the year in which new buyers acquired interests in it, but it missed the filing deadline. A section 754 election lets a partnersh…
9100 relief for a late section 754 basis-adjustment election
An LLC taxed as a partnership meant to make a section 754 election for the year in which new buyers acquired interests in it, but it missed the filing deadline. A section 754 election lets a partnersh…
9100 relief for a late section 754 basis-adjustment election
An LLC taxed as a partnership meant to make a section 754 election for the year in which new buyers acquired interests in it, but it missed the filing deadline. A section 754 election lets a partnersh…
9100 relief to make a late section 754 basis-adjustment election for a partnership
When someone buys into a partnership or the partnership distributes property, a Section 754 election lets the partnership adjust the tax basis of its assets so the new or continuing partners get basis…
Partnership gets more time to make a late Section 754 basis-adjustment election
A partnership can file a "section 754 election" so that when partnership interests change hands or property is distributed, the inside tax basis of the partnership's assets is adjusted to match. The e…
Chief Counsel comments on a BBA partnership-audit training case study
This is an internal email and set of margin comments in which Chief Counsel attorneys review a training case study about partnership audits under the Bipartisan Budget Act of 2015 (the BBA "centralize…
Late relief for a partnership to make a section 754 basis-adjustment election
An LLC taxed as a partnership went through a series of ownership changes: its interests were transferred to a newly formed partnership (briefly making it a disregarded entity), then interests were tra…
Partnership gets more time to make a late section 754 election after a sale
A company that is taxed as a partnership had a buyer purchase a large stake in its parent, a transfer that would let the partnership adjust the tax basis of its assets under a section 754 election so …
Limited partnership gets more time to make a late section 754 basis-adjustment election
A limited partnership had a partner (who held its interest through a trust) die. When a partnership interest transfers, a section 754 election lets the partnership adjust the tax basis of its assets s…
A partnership gets 120 more days to make a late basis-adjustment election after a partner buys in
An LLC taxed as a partnership had one partner (A) buy another partner's (B's) interest in the business. When a partnership interest changes hands, the partnership can file a Code section 754 election …
A partnership that forgot to file a basis-adjustment election gets 120 more days to do it
An LLC taxed as a partnership let a new partner buy into the business. When a partnership interest is sold, the partnership can file a Code section 754 election so the buyer gets a basis step-up (or s…
Partnership receives 120 days to make a late section 754 election
A partnership intended to elect under section 754 after a partner who held an interest through a grantor trust died. It timely filed its partnership return but inadvertently omitted the election. The …
Partnership receives late section 754 election relief after an interest sale
A partnership failed to make a section 754 election for the year in which a buyer purchased a partnership interest. It represented that the failure was inadvertent, that it acted reasonably and in goo…
Partnership receives 120 days to make a late section 754 election
A limited partnership failed to make a section 754 election for a year in which two partners died because its tax advisers did not adequately advise it about the election. The IRS found that the partn…
Partnership receives 120 days for a late section 754 election after distributions
A limited liability company taxed as a partnership made liquidating distributions to partners during and after a tax year but inadvertently failed to make a section 754 election with that year's retur…
Foreign partnership receives 120 days to make a late section 754 election
A foreign company classified as a partnership for federal tax purposes intended to make a section 754 election but failed to attach it to the return for the requested year. The IRS found that the disc…
Three partnerships received late section 754 election relief
An individual held interests in three partnerships through two trusts. After the individual died, the partnerships intended to elect under section 754 to adjust the basis of partnership property, but …
Partnership received late section 754 election relief
A partner held an interest in a partnership through a grantor trust and later died. The partnership inadvertently failed to file a section 754 election for the tax year of the resulting transfer. The …
Late section 754 election allowed after apartment interest sale
A partnership owned an apartment complex and a vacant development lot that it subdivided into separate parcels and tied to separate classes of partnership interests. One partner sold all of its apartm…
IRS grants a 120-day extension to make a late section 754 election for a partnership
A limited liability company taxed as a partnership wanted to make a section 754 election. That election lets a partnership adjust the tax basis of its own assets when a partner's interest changes hand…
120-day extension to make a section 754 partnership basis election
A state LLC taxed as a partnership asked the IRS for more time to make an election under Section 754. When some of its owners transferred part of their partnership interests as part of a multi-step de…
Late section 754 election allowed after partnership interest sales
Interests in a partnership were sold, and the partnership intended to elect under section 754 to adjust the basis of partnership property for that tax year. It inadvertently omitted the election. The …
Partnership received late section 754 election relief after interest purchase
A buyer purchased a partnership interest from existing partners, and the partnership intended to elect under section 754 to adjust the basis of partnership property. It inadvertently failed to file th…
Late partnership basis election allowed after partner's death
A partnership failed to make a section 754 election on the return for the year in which one of its partners died. The election would apply the partnership-property basis adjustments required by sectio…
Two partnerships received more time to make Section 754 elections
Two partnerships failed to attach Section 754 elections to their returns for the year a common partner died. The IRS found that both partnerships satisfied the standards for regulatory-election relief…
Partnership received more time to make a Section 754 election
A partnership intended to make a Section 754 election but did not attach a valid election to its return by the deadline. The IRS found that the partnership satisfied the standards for regulatory-elect…
Partnership received more time to make a Section 754 election
A partnership missed the deadline to make a Section 754 election after the death of a partner's spouse in a community property state. The IRS concluded that the partnership satisfied the standards for…
Partnership received conditional relief for late Section 754 election
A limited liability limited partnership intended to make a Section 754 election for the year a partner died, but its qualified tax professional neither made nor advised it to make the election. Based …
LLC received conditional relief for late Section 754 election
A limited liability company taxed as a partnership inadvertently failed to make a Section 754 election for the year one of two spouses holding an interest as community property died. Based solely on t…
Partnership received 120 days to make a late Section 754 election
A partnership failed to file a Section 754 election for the year a partner died, despite relying on tax advisers to make the election. The IRS found that the partnership satisfied the standards for la…
Adviser omission led to late Section 754 election relief
A partner who held an interest through a grantor trust died, but the partnership's adviser did not explain the availability of a Section 754 election. The partnership therefore omitted the election fr…
Partnership received relief for an adviser-missed Section 754 election
A limited liability company taxed as a partnership missed a Section 754 election after a partner who held an interest through a grantor trust died. The partnership's adviser had not informed it that t…
Late Section 754 election was allowed after partner's death
A limited partnership failed to make a Section 754 election after a partner who held an interest through a grantor trust died. Its adviser had not informed the partnership that the election was availa…
Partnership received late Section 754 election relief after a death
A partnership inadvertently failed to make a Section 754 election for the relevant year after one of its partners died. The IRS found that the partnership met the requirements for late-election relief…
Inadvertent Section 754 omission received late-election relief
A partnership inadvertently omitted a Section 754 election from the relevant return after a partner died. The IRS granted 120 days to make the election through the appropriate Form 1065-X or Form 8082…
Partnership was allowed to correct a missed Section 754 election
A partnership failed to make a Section 754 election for the relevant taxable year after a partner died. The IRS concluded that the standards for late-election relief were met and gave the partnership …
Missed partnership basis election received 120-day relief
A partnership inadvertently missed a Section 754 election for a taxable year following a partner's death. The IRS granted 120 days to make the election through Form 1065-X or Form 8082 and attach the …
Partnership obtained 120 days for a missed Section 754 election
A partnership inadvertently failed to make a Section 754 election for the relevant year after a partner died. The IRS granted 120 days to file the election with Form 1065-X or Form 8082 and attach the…
Partnership received 120 days to make a late Section 754 election
A partnership inadvertently failed to make a Section 754 election for the year in which one of its partners died. The IRS found that the partnership satisfied the standards for regulatory-election rel…
Partnership received 120 days for a late Section 754 election
A partnership inadvertently failed to make a Section 754 election for the year in which one of its partners died. The IRS found that the partnership satisfied the standards for regulatory-election rel…
Partnership received 120 days to make a late section 754 election
A limited liability company treated as a partnership failed to make a timely section 754 election for the year in which an owner died. The partnership represented that it acted reasonably and in good …
Partnership received 120 days to make a late section 754 election
A general partnership failed to file a section 754 election for the year in which one of its partners died. The election allows partnership-property basis adjustments after certain distributions or tr…
Extension granted for late section 754 election
A partnership failed to make a timely section 754 election for the year in which a new partner purchased an interest from existing partners. It represented that the failure was inadvertent, that it ac…
Partner tax generally not collected after partnership pays imputed underpayment
Chief Counsel reviewed a BBA examination case study in which a partnership paid the imputed underpayment and the example also appeared to assess tax against partners. The advice identified that treatm…
Late partnership basis election allowed with adjustments
A limited liability limited partnership intended to make a section 754 election but did not attach it to its timely partnership return. The election applies sections 734(b) and 743(b) basis adjustment…
Partnership receives 120 days to make a late section 754 election
A limited partnership failed to make a section 754 election for the tax year in which a partner died. The election allows partnership property basis adjustments after certain distributions or transfer…
IRS grants a partnership 120 days to make a late § 754 basis-adjustment election
When interests in a partnership change hands, a section 754 election lets the partnership adjust the tax basis of its assets to match what the new partner effectively paid, which can prevent that part…
IRS grants a partnership more time to make a § 754 basis-adjustment election missed after a partner's death
A limited partnership had a partner die during the year. When a partnership interest transfers (including at death), a § 754 election lets the partnership adjust the inside basis of its assets to matc…
Partnership received 120 days to make a late Section 754 election
A limited liability company taxed as a partnership intended to make a Section 754 election after one partner acquired portions of another partner's interest in two transactions. The partnership timely…
Five partnerships receive 120 days for late section 754 elections
An upper-tier partnership and four lower-tier partnerships inadvertently failed to make section 754 elections for a tax year in which a partner died. A second partner died in a later year. Section 754…
9100 relief to file a late section 754 election after a partnership interest sale
A partnership (an LLC taxed as a partnership) had part of its ownership sold to a new partner. When a partnership interest changes hands, the partnership can make a section 754 election so the buyer's…
What these documents are
- Private letter rulings (PLRs): A taxpayer asked the IRS to rule on a planned transaction before doing it. The ruling shows exactly how the IRS applied the Code to those facts.
- Technical advice memoranda (TAMs): The IRS National Office answering a question raised during an audit or other proceeding.
- Chief Counsel advice (CCAs): IRS lawyers advising their own field staff on how to apply the law.
- Determination letters: Rulings on exempt-organization matters, such as whether an organization qualifies under § 501(c)(3) or a foundation's grant procedures pass § 4945.
- Not precedent, still useful: Under 26 U.S.C. § 6110(k)(3) none of these can be cited as precedent. They remain the best public window into how the IRS actually rules on facts like yours, and practitioners read them for exactly that.