Federal Tax Day - Current, L.6, Code Sec. 754: Entity Granted Extension to Make Basis Adjustment Election (LTR 202624007), (Jun 15, 2026)

A partnership was granted a 120-day extension to make a basis adjustment election under Code Sec. 754. The taxpayer inadvertently failed to file a timely election. Further, the taxpayer fulfilled the requirements of Reg. §§301.9100-1 and 301.9100-3, ...

A partnership was granted a 120-day extension to make a basis adjustment election under Code Sec. 754. The taxpayer inadvertently failed to file a timely election. Further, the taxpayer fulfilled the requirements of Reg. §§301.9100-1 and 301.9100-3, acted reasonably and in good faith. Therefore, granting relief did not prejudice the government's interests.

IRS Letter Ruling 202624007

Other References:

Code Sec. 754
- CCH Reference - FED ¶25,562.35