Recently, I asked about a building owned by a partnership. My client, an individual, and his spouse together owned a
50% interest in the partnership. It looks like I may not have phrased my question properly. Given that my client would have received a stepped up basis, had he and his wife owned 50% of the building outside of a partnership, wouldn't step up in basis also occur when they own the building vis a vis partnership interest. For example, if a property were purchased by my client and his spouse (50% interest), and another taxpayer (remaining 50% interest) with no mention of a partnership, step up would occur for my client upon the death of his spouse, I believe. Thanks for earlier responses.