Section 163(j) election

The 2017 Tax Cuts and Jobs Act (TCJA) amended IRC section 163(j). There's a new limitation on the deduction for business interest expense for certain taxpayers in tax years beginning after 2017.
Enter
X
in the
Section 1.163(j)-9 election was made for an excepted trade or business
field on the 1120, Farm, Farm Rent, and/or Rent screens if the corporation has made an election under section 1.163(j)-9 in the prior year, or is making the election in the current year. UltraTax CS proformas this field from the prior year.
The section 163(j) election is an irrevocable election. If the corporation elected it in the prior year, you don't need to elect it again. Enter data in the
Section 1.163(j)-9 election
statement in the Elect screen in the Elections folder to make this election in the current year.
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