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Federal input screens

Screen Elect - Elections (1120)

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Section 1.163(j)-9 election
Enter data in this statement dialog to make a current-year election under Section 1.163(j)-9.
De minimis safe harbor election, members of consolidated C Corporation
In the case of a C Corporation consolidated group, the election is made for each member of the consolidated group by the common parent. Use the dialog to enter the name and EIN of each member for which the election is made.
note
  • This field does not apply to Qualified Subchapter S Corporation Subsidiaries.
  • Enter
    De Minimis Save Harbor
     in the
    Election Description
     field to print the election under Regulation 1.263(a)-1(f).
Election to deduct the cost of improvements made to eligible building property
Use the statement to enter a description of each eligible building property to which the taxpayer is applying the election. The application prints the Safe Harbor Election for Small Taxpayers under Regulation 1.263(a)-3(h). If the return is being filed electronically, the tax election is included in the electronic file.
Election to capitalize repair and maintenance costs, members of consolidated C Corporation
In the case of a C Corporation consolidated group, the election is made for each member of the consolidated group by the common parent. Use the statement to enter the name and EIN of each member for which the election is made.
note
  • This field does not apply to Qualified Subchapter S Corporation Subsidiaries.
  • Enter
    Capitalize repair and maintenance costs
     in the
    Election Description
     field to print the election under Regulation 1.263(a)-3(n).
Tax-free incorporation transfers: Transferee's information
Under IRC Regulation 1.351-3(b), every transferee corporation must include the following information in the statement.
  • Name and taxpayer identification number (if any) of every significant transferor,
  • Dates of the transfers of assets,
  • Aggregate fair market value and basis, determined immediately before the exchange, of all the property received in the exchange, and
  • Date and control number of any private letter rulings issued by the IRS in connection with the section 351 exchange.
Tax-free incorporation transfers: Transferor's information
Under IRC Regulation 1.351-3(a), every significant transferor must include the following information in the statement.
  • Name and taxpayer identification number (if any) of the transferee corporation,
  • Dates of the transfers of assets,
  • Aggregate fair market value and basis, determined immediately before the exchange, of the property transferred by such transferor in the exchange, and
  • Date and control number of any private letter rulings issued by the IRS in connection with the section 351 exchange.

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