![]() ![]() Next, you will need to provide the required information to make the election, including the date of the election, the basis of the partnership property, and the basis adjustments that will be made as a result of the election. On the form, you will need to indicate that the partnership is making a Section 754 election by checking the box on line G(4) of Schedule K-1, Partner's Share of Income, Deductions, Credits, etc. ![]() ![]() Return of Partnership Income for the 2021 tax year. Yes, I can provide a brief overview of the process for electing a Section 754 adjustment on a 2021 partnership return.įirst, you will need to complete and file a Form 1065, U.S. My name is ***** ***** licensed CPA and I’m glad to assist you today. ![]()
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