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Make a Section 754 election

UltraTax CS comes with a predefined section 754 election statement.

Go to the

Elect

window.

In the Election Statements
section, select Section 754 Election
.

note

You can go to Setup
, 1065 Partnership
, then Tax Elections
if you want to customize the election.

Use the Asset
tab to add an asset in the amount of the basis adjustment.

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