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.
No determinations match these filters
Try a different search term or clear the filters.
Partnership receives 120 days to make a late section 754 election
A partnership distributed property to a retiring partner and intended to elect under section 754 to adjust partnership property basis, but it inadvertently omitted the election from its timely return.…
Partnership gets 120 days for late Section 754 elections
A foreign-law general partnership failed to make timely section 754 elections for two taxable years after an investor acquired an interest in an upper-tier partnership that owned part of it. The partn…
Partnership gets 120 days for late Section 754 elections
A foreign-law general partnership failed to make timely section 754 elections for two taxable years after a purchaser acquired an interest in it. The partnership represented that it acted reasonably a…
Partnership gets 120 days for election after partner's death
A limited partnership failed to make a section 754 election after a deceased partner's interest passed to an estate. The partnership had relied on its tax adviser and did not know it was eligible to m…
Partnership allowed late section 754 election
A foreign limited partnership made liquidating distributions to three partners but did not attach a section 754 election to its timely filed return because its tax preparers failed to explain the elec…
Partnership receives 120 days for late Section 754 election
A limited liability company taxed as a partnership did not include a section 754 election with its timely return for the year one of its two owners died. Its professional return preparer had not told …
Partnership received 120 days to make a late section 754 election
A limited liability company taxed as a partnership timely filed its return but inadvertently omitted a valid section 754 election. It represented that it acted reasonably and in good faith and that la…
Partnership received 120 days to make a late section 754 election
A limited liability company treated as a partnership missed a section 754 election after an owner died because its advisor did not explain that the election was available. The IRS found that the regul…
Partnership received late section 754 election relief after partner deaths
A limited partnership failed to make a timely section 754 election for three years in which deaths affected partnership interests. It represented that it acted reasonably and in good faith and that re…
Partnership received extension for section 754 election
A limited liability company taxed as a partnership failed to make a timely section 754 election for the year in which ownership interests were transferred. The company represented that it acted reason…
Assets-over merger required a downward partnership basis adjustment
Two partnerships merged using the assets-over form, with the terminating partnership deemed to contribute its assets and liabilities and then distribute an interest in the resulting partnership to its…
Partnership received 120 days to make a section 754 election
A limited liability company treated as a partnership intended to make a section 754 election for the year in which an investor purchased an interest, but it did not file the election on time. The part…
IRS retroactively revoked late section 754 election relief
The IRS had previously given a taxpayer 120 days to make a late section 754 election. That relief was based on a representation that no affected return was under examination, before Appeals, or before…
Partnership received late section 754 election relief
A partnership timely filed its return for a year in which partnership interests had been transferred but inadvertently omitted a section 754 election. The IRS granted 120 days to file the election for…
Partnership received 120 days to make late section 754 election
A limited partnership failed to make a timely section 754 election for a year in which partnership interests were treated as transferred. The partnership represented that it acted reasonably and in go…
Partnership received 120 days for section 754 election after partner's death
A limited liability company classified as a partnership timely filed its return for the year in which a partner died but inadvertently omitted a valid section 754 election. The partnership represented…
Foreign partnership received 120 days for section 754 election
A foreign limited partnership failed to make a timely section 754 election for a year in which partnership interests were transferred. It represented that it acted reasonably and in good faith, was no…
Partnership received 120 days to file omitted section 754 election
A state-law partnership timely filed its federal return but inadvertently omitted a valid section 754 election to adjust the basis of partnership property. It represented that it acted reasonably and …
Partnership gets 120 days to make late section 754 election
A partnership timely filed its return for the year in which a partner died but inadvertently omitted a section 754 election. The IRS concluded that the requirements for discretionary filing relief wer…
Partnership received 120 days to make a section 754 election
A partnership admitted a purchaser of a membership interest but did not make a section 754 election with its timely return for that year. The partnership relied on a tax professional, was unaware that…
Partnership received 120 days to make late section 754 election
A partnership had made a section 754 election before a technical termination but failed to make a valid election for the post-termination period. Although it attached a statement showing section 743(b…
Lower-tier partnership received late section 754 election relief
An upper-tier partnership had a section 754 election in effect when one of its partners sold an interest to a new partner. The lower-tier partnership, in which the upper-tier partnership held an inter…
Partnership gets extra time to make a missed Section 754 election after a partner's death split the owner trust
An LLC taxed as a partnership had one interest held through a revocable living trust treated as owned by a married couple. When one spouse died, that trust split into several successor trusts, an even…
Partnership anti-abuse rule lets the IRS collapse a partnership to tax an offshore IP transfer under Section 367(d)
When a U.S. company moves intangible property (like patents) to a foreign corporation, Section 367(d) makes it pay U.S. tax on that value, either as a deemed royalty spread over the property's life (t…
Partnership gets extra time to make a missed Section 754 basis-adjustment election
A partnership meant to make a Section 754 election, which lets it adjust the inside basis of its assets when interests change hands or property is distributed, so that later gain or loss lines up with…
120-day extension granted to make a late § 754 basis-adjustment election
A partnership can make a § 754 election that lets it adjust the tax basis of its property when a partnership interest changes hands (for example, when a partner dies) or when property is distributed. …
Late relief granted for a foreign-formed partnership to make a section 754 basis-adjustment election
A section 754 election lets a partnership adjust the tax basis of its assets after a partner is admitted or an interest changes hands, so the incoming partner's inside basis lines up with the value re…
Late relief granted for a foreign-formed partnership to make a section 754 basis-adjustment election
A section 754 election lets a partnership adjust the tax basis of its assets after a partner is admitted or an interest changes hands, so the incoming partner's inside basis lines up with the value re…
Partnership gets 120 days to make a late Section 754 election
A limited partnership intended to make an IRC § 754 election after a partner died but failed to include a properly executed election with its return. The partnership represented that the failure was i…
Partnership gets 120 extra days to make a late Section 754 basis-adjustment election
A limited partnership meant to make a Section 754 election, which lets a partnership adjust the tax basis of its assets after a partner dies or a partnership interest changes hands, so the new owner i…
Lower-tier partnership gets 120 extra days to make a late Section 754 election
A partner in an upper-tier partnership died, and both that partnership and a lower-tier partnership it partly owned failed to make timely Section 754 elections for the year. The lower-tier partnership…
Upper-tier partnership gets 120 extra days to make a late Section 754 election
A partner in an upper-tier partnership died, and both that partnership and a lower-tier partnership it partly owned failed to make timely Section 754 elections for the year. The upper-tier partnership…
Partnership receives 120 days to make a late section 754 election
A partnership intended to make a section 754 election after ownership interests were transferred but failed to attach a properly executed election to its return. The partnership and all affected partn…
IRS grants a partnership extra time to make a late § 754 basis-adjustment election after its preparer failed to advise it
When a partner dies or a partnership interest changes hands, a partnership can make a "§ 754 election" to adjust the tax basis of its property, which often lets the remaining or incoming partners clai…
An enforceable owner note can count toward a disregarded entity's net value
Chief Counsel considered how to compute the “net value” of a disregarded entity that held an intercompany note from its corporate owner. Treas. Reg. § 1.752-2(k) treats a disregarded entity as separat…
Grants 120 days for a late section 754 election after a partnership-interest transfer
A limited liability company taxed as a partnership timely filed its return for a year in which one member transferred part of its interest to another member, but it did not attach a section 754 electi…
Partnership gets a late section 754 election after a member bought out another, subject to basis-adjustment conditions
An LLC taxed as a partnership had one member transfer her entire interest to another member. The partnership filed its return for that year on time but did not include the § 754 election that would le…
Partnership gets more time to make a section 754 basis-adjustment election it filed its returns as if it had made
A § 754 election lets a partnership adjust the basis of its assets after a partner's interest changes hands, matching inside basis to what happened at the partner level. The election has to be filed w…
Partnership gets more time to make a section 754 basis-adjustment election it missed
When someone buys into a partnership, the partnership can make a § 754 election so the new partner's share of the partnership's assets gets a basis adjustment that matches what they paid, which usuall…
Grants 120 days for late section 754 election
A limited partnership failed to make a timely section 754 election for the year in which one of its partners died. The partnership represented that the omission was inadvertent, that it acted reasonab…
Grants extension for omitted section 754 election
A partnership failed to include a section 754 election with its return for the year an individual partner died. The partnership represented that the omission was inadvertent, that it acted reasonably …
Partnership received 120 days to make late Section 754 election
A professional-services limited liability company treated as a partnership missed the deadline to make a Section 754 election for the year in which a buyer acquired a partnership interest. The partner…
Partnership receives 120 days to make a late Section 754 election
A partnership failed to make a Section 754 election for the year in which one owner sold its interest to the remaining and incoming owners. The election would permit a transferee-specific adjustment t…
Partnership receives 120 days to make a late Section 754 election
A partnership failed to make a Section 754 election for the year in which one owner sold its interest to the remaining and incoming owners. The election would permit a transferee-specific adjustment t…
Partnership receives 120 days to make a late Section 754 election
A partnership failed to make a Section 754 election for the year in which one owner sold its interest to the remaining and incoming owners. The election would permit a transferee-specific adjustment t…
Lower-tier partnership received 120 days for late Section 754 election
A partner in an upper-tier partnership died. The upper-tier partnership timely elected under Section 754, but a lower-tier partnership in which it held an interest inadvertently failed to make the sam…
Partnership received time for Section 754 election after partner's death
A general partnership intended to make a Section 754 election after one of two spouses who owned a partnership interest as community property died. The partnership did not timely file the return makin…
Partnership received time for election after technical termination
A limited liability company taxed as a partnership underwent a technical termination under former Section 708(b)(1)(B) when one owner sold membership interests to two buyers. The partnership intended …
Partnership received 120 days to make a late Section 754 election
A limited partnership failed to include a Section 754 election with its return for the year in which one partner sold its interest to another party. The partnership represented that the omission was i…
Partnership received relief for a late Section 754 election
A limited liability company treated as a partnership underwent a technical termination after a transfer of ownership interests. It intended to make a Section 754 election in connection with that trans…
Partnership received 120 days for a late Section 754 election
A partner died, causing that partner's interest and a terminating trust's separate interest in a partnership to pass to new owners. The partnership relied on its tax adviser and did not know that it c…
Partnership received 120 days to make a late Section 754 election
A limited partnership timely filed its federal tax return but inadvertently failed to include an election under Section 754. The partnership represented that it acted reasonably and in good faith and …
Grants 120 days to make late partnership basis election
A partnership wanted a section 754 election after a general partner died, but its tax return was filed without the election because it relied on its tax adviser. The partnership represented that it ac…
Grants 120 days to file omitted section 754 election
A foreign corporation treated as a partnership for U.S. tax purposes intended to make a section 754 basis-adjustment election with its return, but failed to file a properly executed election. The enti…
Grants extra time for a partnership's section 754 election
A partnership underwent a technical termination after an owner acquired an additional interest. The partnership intended to elect under section 754 to adjust the basis of partnership property for the …
Partnership receives 120 days to make a late Section 754 election
A lower-tier partnership sought extra time to make a section 754 election after a partner in its upper-tier partnership died. Both partnerships timely filed their returns, but an adviser inadvertently…
Upper-tier partnership receives 120 days to make a late Section 754 election
An upper-tier partnership sought extra time to make a section 754 election after one of its partners died. The upper-tier partnership and a lower-tier partnership timely filed their returns, but an ad…
Partnership-to-REIT asset transfers qualify for specified nonrecognition treatment
A publicly traded partnership planned to form a real estate investment trust and contribute substantially all of its operating assets to the new REIT. It would later acquire more assets through a fund…
Acquirer may close its books on the acquisition date to allocate losses under section 384
A publicly traded holding company acquired a corporation with built-in gains through a merger and then contributed the surviving merger subsidiary to a partnership it controlled. Both the holding comp…
Partnership receives 120 days to file a late section 754 basis-adjustment election
A partnership timely filed its federal return but inadvertently omitted a section 754 election to adjust the basis of partnership property. Such an election applies section 734 adjustments to property…
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.