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How do I determine my adjusted basis upon buy-out of a partnership?

Me and a partner own a partnership that owns a rental property. I am going to buy my partner out, thereby terminating the partnership for tax purposes. My basis in the property (without adjustments) is $42,500 right now. I am buying him out for $92,500. How do I step up my basis to the proper amount on my taxes? I do not believe a section

754 election applies when a partnership is completely bought out and ceases to exist.

Thanks!

========================================= MODERATOR'S COMMENT: Step up?

Reply to
comenngoing
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When I say step up I mean increase it to the amount I have purchased the whole property for (the original 42,500 plus the 92,500 I have purchased the other half for).

Reply to
comenngoing

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