Subject: Passive Loss Carryovers from Terminated Estates/Trusts
Message Posted
If upon the termination of an estate or trust, a partnership interest is distributed to a beneficiary and pursuant to the provisions of IRC Sec. 469(j)(12)(A) passive loss carryovers are to added to the beneficiary's basis in the partnership - may the partnership adjust the basis of its assets under Sec 754 or must the beneficiary carry the additional basis as an outside basis only?
