U.S. Code » Title 26 » Subtitle Subtitle A— Income Taxes › Chapter CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter Subchapter K— Partners and Partnerships › Part PART II— CONTRIBUTIONS, DISTRIBUTIONS, AND TRANSFERS › Subpart Subpart D— Provisions Common to Other Subparts

26 U.S.C. § 754

Manner of electing optional adjustment to basis of partnership property

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If a partnership files an election, in accordance with regulations prescribed by the Secretary, the basis of partnership property shall be adjusted, in the case of a distribution of property, in the manner provided in section 734 and, in the case of a transfer of a partnership interest, in the manner provided in section 743. Such an election shall apply with respect to all distributions of property by the partnership and to all transfers of interests in the partnership during the taxable year with respect to which such election was filed and all subsequent taxable years. Such election may be revoked by the partnership, subject to such limitations as may be provided by regulations prescribed by the Secretary.

Notes of Decisions
Cited in 15 cases, 1974–2014 · leading case: Bakersfield Energy Partners, LP v. Comm'r, 568 F.3d 767 (9th Cir. 2009).
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Bakersfield Energy Partners, LP v. Comm'r, 568 F.3d 767 (9th Cir. 2009). · cites it 2× “See 26 U.S.C. §§ 754 , 743. In this case, Bakersfield made an election under § 754 to adjust its basis in all of its assets by the $19,924,870 sales price of the partnership interests sold to Resources.”
Stobie Creek Investments LLC v. United States, 608 F.3d 1366 (Fed. Cir. 2010). “The penalties challenged on appeal relate to Stobie Creek’s misstatement of its inside basis in Therma-Tru stock, as well as to adjustments of its basis in that stock pursuant to 26 U.S.C. § 754 . The partnership’s basis in contributed property is a partnership item.”
Fid. Int'l Currency Advisor a Fund, LLC v. United States, 747 F. Supp. 2d 49 (D. Mass. 2010). “Adjustments made pursuant to an election under 26 U.S.C. § 754 are also partnership items.”
Samuel T. Gindes & Joan L. Gindes v. The United States, 740 F.2d 947 (Fed. Cir. 1984). “Following and apparently as a result of the settlement of the Tax Court case, the appellants became aware that if the partnerships made an “election” under section 754 of the Internal Revenue Code of 1954, 26 U.S.C. § 754 (1982), the basis of the partnership property could be…”
Home Concrete & Supply, LLC v. United States, 599 F. Supp. 2d 678 (E.D.N.C. 2008). “Plaintiffs elected to take advantage of 26 U.S.C. § 754 , which allows partnerships to increase the partnership’s basis in its assets to equal the partners’ basis in the partnership.”
Alpha I, L.P. v. United States, 84 Fed. Cl. 209 (Fed. Cl. 2008). · cites it 2× “Under § 754: If a partnership files an election, in accordance with regulations prescribed by the Secretary, the basis of partnership property shall be adjusted, in the case of a distribution of property, in the manner provided in section 734 and, in the case of a transfer of a…”
Nevada Partners Fund, LLC Ex Rel. Sapphire II, Inc. v. United States, 714 F. Supp. 2d 598 (S.D. Miss. 2010). “Notice 2002-50 describes a transaction involving partnerships manipulated through a series of steps with no Title 26 U.S.C. § 754 24 election in effect at any relevant time.”
Allison v. United States, 379 F. Supp. 490 (M.D. Penn. 1974). · cites it 2× “Therefore, within a year after the estate tax determination, the partnership filed an election under Section 754 of the Internal Revenue Code of 1954, 26 U.S.C.A. § 754 , to make adjustments to the basis of partnership property provided for in Section 743 of the 1954 Code, 26 U.”
Cummins Engine Co. v. United States, 17 Cl. Ct. 854 (Ct. Cl. 1989). “2d 667 (1977), where a partnership was required to file a 26 U.S.C. § 754 (1982) election with its partnership return for the taxable year in which the election applied.”
Transpetco I Jt. Venture v. Clearview Investments, Ltd., 139 So. 3d 49 (La. Ct. App. 2014). “26 U.S.C. § 754 provides: “If a partnership files an election, in accordance with regulations prescribed by the Secretary, the basis of partnership property shall be adjusted, * * * in the case of a transfer of partnership interest, in the manner provided in Section 743.”
Bakersfield Energy v. Cir (9th Cir. 2009). · cites it 2× “See 26 U.S.C. §§ 754 , 743. In this case, Bakersfield made an election under § 754 to adjust its basis in all of its assets by the $19,924,870 sales price of the partnership interests sold to Resources.”
Stobie Creek Investments LLC v. United States, 93 Fed. Cl. 1366 (Fed. Cir. 2010). “The penalties challenged on appeal relate to Stobie Creek’s misstatement of its inside basis in Therma-Tru stock, as well as to adjustments of its basis in that stock pursuant to 26 U.S.C. § 754 . The partnership’s basis in contributed property is a partnership item.”
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