721 UPREIT PROS | DEPRECIATION AND PROPERTY-HISTORY CHECKLIST

Property legal name and identifier:
Contribution date and receiving partnership:
Record prepared as of:

1. ACQUISITION AND ASSET HISTORY
Original acquisition statement and date:
Land, building and component allocations:
Capital improvements, partial dispositions and retirements:
Cost-segregation or engineering studies:

2. DEPRECIATION HISTORY
Placed-in-service date for each asset or component:
Method, recovery period and convention:
Section 179 and bonus depreciation, if any:
Depreciation allowed or allowable through contribution:
Adjusted basis by asset immediately before contribution:

3. CONTRIBUTION BRIDGE
Final fair market value and valuation support:
Partnership carryover basis statement:
Section 704(c) method and property-level layers:
Contribution-year K-1 and statements:

4. LATER EVENT
Event type, date and affected asset or interest:
Sale, closing or redemption documents:
Partnership gain and character statement:
Section 704(c) allocation statement:
Form 4797, Schedule D or other preparer workpaper:
Open questions and missing records:

Do not combine Section 1245 ordinary recapture, Section 1250 ordinary recapture, unrecaptured Section 1250 gain and other gain or loss without a tax professional's analysis of the actual assets and event.

This checklist organizes records. It does not calculate depreciation, basis, recapture, gain, tax, a Section 721 result or an investment recommendation.