721 UPREIT PROS | POST-DEATH OP-UNIT BASIS RECORD CHECKLIST

Decedent and date of death:
Interest legal name and account identifier:
Estate, trust or beneficiary tax owner:
Record prepared as of:

1. INTEREST AND VALUATION
Governing partnership agreement and amendments:
Units and ownership confirmed at date of death:
Qualified appraisal or other valuation support:
Estate tax return, Schedule A (Form 8971) or other reported value, if applicable:
Valuation date and any alternate or special valuation rule:

2. OUTSIDE-BASIS HANDOFF
Decedent's final outside-basis rollforward:
Final pre-death Schedule K-1 and attachments:
Partner liability share and Section 752 workpaper:
Recipient's initial outside-basis conclusion and authority:
Estate-period and beneficiary-period ownership dates:

3. INCOME CUTOFF
Final Form 1040 reporting period:
Estate or beneficiary income period:
Candidate income in respect of a decedent items:
Partnership closing-of-the-books or proration method:
Final and successor Schedules K-1 reconciled:

4. PARTNERSHIP ADJUSTMENT
Section 754 election in effect for transfer year:
Mandatory Section 743 adjustment test, if applicable:
Transferee share of partnership adjusted basis:
Section 743(b) computation:
Section 755 allocation by asset class:
Depreciation, amortization, gain or loss schedules for the transferee:

5. CONTROL LOG
Record owner and secure location:
Source date and tax year:
Open questions and missing documents:
CPA, estate counsel and partnership tax contacts:

Do not treat account value, estate-tax value, outside basis, capital account, inside basis and a Section 743(b) adjustment as the same number. This worksheet organizes records. It does not determine value, basis, an election, an adjustment or any tax result.