I've got a client who admitted new partners in '07 at a premium to the original offering price in '06. Certain existing partners also contributed capital during the year. This was all accomplished via dilution, no partner sold an interest.
My initial questions are:
1) Is a 754 election an option?
2) If so, how do 751 assets affect the new partners and existing partners who contributed capital?
3) Any other issues I should be aware of?