Only the partnership interest and S corporation stock owned by decedent receive a step-up in basis at death, while the assets do not. Use the strategies presented here to adjust the basis of the assets belonging to an S Corporation or partnership.
Watch so you can:
- Determine the basis of partnership interest and fair market value of assets early
- Seek permission to revoke a Section 754 election
- Draft cross-purchase buy-sell agreements
- Timely file the tax returns