Under final regulations issued Thursday, Aug. 4, by the IRS and Treasury, partnerships electing to adjust the basis of partnership property under Sec. 754 will not have to include a partner's signature on their election statement.
Partnerships generally may make the election in the case of a distribution of property in the manner provided in Sec. 734 or a transfer of a partnership interest under Sec. 743.
The final regulations (T.D. 9963) remove the signature requirement to ease the burden on partnerships and streamline making the election. The final regulations are now in effect. Read more.