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Federal input screens

Screen Elect - Elections (1065)

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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:
  • Setup
    ,
    Options
    ,
    Bonus Depreciation
     of the
    Asset
     tab,
    Elect Out of Bonus Depr
  • OthAsset screen,
    Bonus Depreciation Elections
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))

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