Bought out half of partnership, how do I adjust basis?

[Rae Long]

I have been part of a general partnership for several years that owns one piece of property. On Dec 31, 2007 I bought out my partner so now I am no longer a partnership. What is the process for changing my basis on the rental property that I now own as an individual? Am I required to file section 743(b) and 754? Or is that unnecessary since it is going from a partnership to an individual ownership. I don’t know how I would establish my basis since is different then what the property was originally purchased for.

Thanks!