Omitted IRC Section 754 statement

On rereading the instructions on the K-1 for an MLP I purchased in December, I see that I was supposed to file a small statement:
IRC SECTION 754 STATEMENT
The taxpayer is a transferee partner in Enterprise Products Partners L.P. who has a special adjustment under Internal Revenue Code (IRC) Section 743(b) pursuant to the IRC Section 754 election made by Enterprise Products Partners L.P. The special basis adjustment was made in accordance with the rules provided in IRC Section 743 and 755 and the Regulations thereunder. Detailed information is available in the office of the General Partner upon request.
Since I didn't, what it the proper way to send this to the IRS and have it included with my return for 2010?
Thanks.
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I have never heard of IRS asking for this statement.
I think the PTP's lawyers are being overly cautious.
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ArtKamlet at a o l dot c o m Columbus OH K2PZH

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On 4/29/11 3:14 PM, Arthur Kamlet wrote:

It has never been clear to me that the shareholder really needs to make the election when the MLP has made it. (By the way, there is a Sec. 751 statement supposedly required when shares are sold.) However, if the OP wants to comply, the easiest way is to complete a 1040X; enter the explanation for filing in Part III on page 2; and attach the signed Sec. 754 statement. Mail it to the IRS address you would have used if you filed a paper return.
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Alan
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Alan, I did submit a paper form (don't ask why.. just habit). So you're saying I would send in an amended form which only contains this single statement, if I feel I need to submit this form at all, correct? I've never amended a tax form before, so wasn't sure if I had to send the whole thing in again.
Thanks. jo
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On 4/30/11 2:13 PM, jo wrote:

Just send the 1040X with the signed statement attached to the same place you mailed your paper return.
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Alan
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