Bought out partner- how do I adjust basis?


L

lrae20

I have been part of a general partnership for several years that owns
one piece of property. On Dec 31, 2007 I bought out my partner so now
I am no longer a partnership. What is the process for changing my
basis on the rental property that I now own as an individual? Am I
required to file section 743(b) and 754? Or is that unnecessary since
it is going from a partnership to an individual ownership. I don't
know how I would establish my basis since is different then what the
property was originally purchased for.
 
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