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Free trials & demos
Screen Elect - Elections (1065)
Overview
Use the
Document Editing
window to create and modify all client documents, including transmittal letters, filing instructions, and invoices.note
All elections made with the return are automatically included in the tax return electronic file.
Detailed Information
Use the statements in this section to make the election with the return.
Election to deduct the cost of improvements made to eligible building property (Regulation 1.263(a)-3(h))
Information in this statement proformas from the prior year. If the election doesn't apply in the current year, delete the information from the statement.
note
The information in the
Election to deduct the cost of improvements made to eligible building property (Regulation 1.263(a)-3(h))
statement proformas from the prior year. If the election doesn't apply in the current year, delete the information from the statement.Election Statements
The application comes with predefined election statements that you can use as they are or customize for your specific needs. You can also create new election statements. To create and edit election statements, select
Setup
, 1065 Partnership
, and select Tax Elections
.UltraTax CS will
ignore
the entries in the Description of election that will be ignored
column if you make them using the specific election detail fields. Instead, enter the required information for each election in the locations specified in the Correct location to make the required entry
column.Description of election that will be ignored | Correct location to make the required entry |
|---|---|
Carrying Charges | Elect screen, Election to capitalize carrying charges (Section 266) |
Disproportionate Distrib – Code Sec 751 | K1 screen, Code section 751 elections |
Farm CCC Loans | F or 4835 screen, CCC loans reported under election, and Elect to include CCC loans in income |
Farm Crop Insurance Deferral | F or 4835 screen, Election to defer crop insurance proceeds to next year |
Out of Bonus Depr – All Property | All property types selected:
|
Sale/Exchg Pship Interest Code Sec 751 | K1 screen, Code section 751 elections |
Sec. 351 Stmt of Disclosure | Elect screen, Election to disclose asset transfers by transferor (Section 351) |
Sec. 163(j) Farming Business | Elect screen, Section 1.163(j)-9 election |
Sec. 163(j) Real Property | Elect screen, Section 1.163(j)-9 election |
Safe Harbor Election for Small Taxpayers | Elect screen, Election to deduct the cost of improvements made to eligible building property (Regulation 1.263(a)-3(h)) |