1120-US: Viewing the contents and summaries of all tax elections (FAQ)

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Question

How do I view the contents and summaries of all tax elections included in UltraTax/1120?

Answer

To view the complete contents of tax elections, see Viewing the contents of tax elections.

The following is a summary of each tax election.

Notes

  • A Section 1367-1(g) election exists for shareholders. This election will automatically print when the Regulation 1.1367-1(g) election field is marked in the Suspended Losses tab in the Shareholder Basis dialog, unless the Suppress 1367 election statement field is marked. This is an election to reduce shareholder basis by items of loss or deduction before nondeductible expenses and certain oil and gas depletion.
  • The following listed elections are not traditional elections as they are not viewable or editable and are not selected in Screen Elect. These elections automatically print with the following data entry:
    • Deferral of Cancellation of Debt Income - IRC Section 108(i) election to defer income from discharge of indebtedness made in 2009 or 2010. Enter applicable data required for the election made in these years in Screen CODI in the Elections folder.
    • Foreign Captive Insurance Company - IRC Section 953(c)(3)(C) election for Property and Casualty Insurance Companies to treat its related person insurance income as income effectively connected with the conduct of a U.S. trade or business. Enter applicable data required for the election in Screen PC in the 1120PC Prop Casualty folder.
    • Foreign Insurance Company - IRC Section 953(d) election for Property and Casualty Insurance Companies to be treated as a domestic corporation for U.S. tax purposes. Enter applicable data required for the election in Screen PC in the 1120PC Prop Casualty folder.
    • Deemed Dividend Distribution - IRC Regulation 1.1368-1(f)(3) to distribute all or part of an S Corporation's Subchapter C earnings and profits through deemed dividend. Enter amount of deemed dividend in corresponding field in Screen Ms in the Balance Sheet folder.
No. Description Election summary
1 1120S Unified Audit Procedure IRC Regulation 301.6241-1T(c)(2)(v)(A) election to have the unified S Corporation tax treatment provisions apply for the current and all subsequent tax years.
2 52-53 Week Filer IRC Section 441(f) election to use a 52/53 week year-end.
3 Amortize Bond Premium IRC Section 171(c) election to amortize all bond premiums.
4 Asset Transfer - Transferee IRC Regulation 1.351-3(b) election asset transfer details are disclosed.
5 Asset Transfer - Transferor IRC Regulation 1.351-3(a) election asset transfer details are disclosed.
6 Capitalize Carrying Charges IRC Section 266 and Regulation 1.266-1(c) election interest, taxes, and other carrying charges incurred during the tax year are capitalized.
7 Consolidated Tax Liab - Sep Ret IRC Section 1552(a)(2) and Regulation 1.1552-1(a)(2) election to apportion the group's consolidated tax liability based on the separate return liability method.
8 Consolidated Tax Liab - Tax Inc IRC Section 1552(a)(1) and Regulation 1.1552-1(a)(1) election to apportion the group's consolidated tax liability based on the taxable income method.
9 Consolidated Tax Liab - Tax Incr IRC Section 1552(a)(3) and Regulation 1.1552-1(a)(3), election to apportion the group's consolidated tax liability based on the tax increase method.
10 Contributions Paid within 3 1/2 Months IRC Section 170(a)(2) statement whereby contributions were paid within 3 1/2 months after the end of the tax year.
11-12 Not applicable These election numbers are intentionally omitted.
13 Defer Gain - Public Securities IRC Section 1044(a) election to not recognize gain from the sale of publicly traded securities because an interest in a specialized small business investment company (SSBIC) was purchased within 60 days of the sale.
14 Depreciation - ADS IRC Section 168(g)(7) election to use the Alternative Depreciation in calculating the deduction for personal property with no assigned class life placed in service for the tax year ending and covering all such property placed into service during the tax year.
15 Depreciation - DB 3 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 3-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
16 Depreciation - DB 5 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 5-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
17 Depreciation - DB 7 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 7-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
18 Depreciation - DB 10 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 10-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
19 Depreciation - DB 15 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 15-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
20 Depreciation - DB 20 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 20-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
21 Depreciation - DB 39 Yr Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction for 39-year property placed in service for the tax year ending and covering all such property placed into service during the tax year.
22 Depreciation - DB All Prop IRC Section 168(b)(2)(D) election to use the 150% declining balance method instead of the 200% declining method in calculating the deduction all property placed in service for the tax year ending and covering all such property placed into service during the tax year.
23 Depreciation - DB to SL Former IRC Section 167(e)(1) and Regulation 1.167(e)-1(b) election to change from the declining balance method to straight line method of depreciation, with respect to all non-ACRS and non-MACRS property.
24 Depreciation - Excl from MACRS IRC Section 168(f)(1) election to depreciate property (see depreciation schedules attached) under the unit of production method.
25 Depreciation - SL 3 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 3-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
26 Depreciation - SL 5 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 5-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
27 Depreciation - SL 7 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 7-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
28 Depreciation - SL 10 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 10-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
29 Depreciation - SL 15 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 15-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
30 Depreciation - SL 20 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 20-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
31 Depreciation - SL 39 Yr Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for 39-year property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
32 Depreciation - SL All Prop IRC Section 168(b)(3)(D), election to use the straight-line method of depreciation, instead of the regular statutory method in calculating the deduction for all property placed into service during the tax year and made in accordance with Code Section 168(b)(5), applies to all such property placed in service during the tax year.
33 Extension to Replace Converted Prop IRC Regulation 1.1033(a)-2(c)(3) to request an extension of time to replace property which was involuntarily converted in a previous year.
34 Farm CCC Loans IRC Section 77(a) election to include a loan that was received during the tax year from the Commodity Credit Corporation in income.
35 Farm Crop Insurance Deferral IRC Section 451(d) and Regulation 1.451-6 election to defer income recognition from crop insurance proceeds.
36 Foreign Taxes Exchange Rate IRC Section 986(a)(1)(D), the taxpayer elects to use the payment date exchange rate for all creditable foreign income taxes.
37 Mutual Funds Avg Basis - Double IRC Regulation 1.1012-1(e) election to determine the basis of all mutual fund shares sold in this and subsequent tax years on the average basis, double category method.
38 Mutual Funds Avg Basis - Single IRC Regulation 1.1012-1(e) election to determine the basis of all mutual fund shares sold in this and subsequent tax years on the average basis, single category method.
39 Pension Plan Startup Costs Cr IRC Section 45E(d)(3)(B) election treats the current tax year as the first credit year for claiming the credit for pension plan startup costs, instead of the year the plan became effective.
40 Recurring Items IRC Regulation 1.461-5(d) election to adopt the recurring items exception. This election applies to all business activities conducted by the taxpayer. It applies to all recurring items in this return or any recurring items that may be incurred in the future including prizes, awards, jackpots, insurance, warranty and service contracts and all taxes.
41 Section 1377(a)(2) IRC Section 1377(a)(2) and Regulation 1.1377-1(b) election to have the rules provided in IRC Section 1377(a)(1) apply as if the S Corporation's taxable year consisted of two separate tax years.
42 Self-Charged Interest IRC Regulation 1.469-7(g) elect out the income recharacterization rules as they apply to self-charged interest.
43 Small Business Invest - 100% Div Deduction IRC Regulation 1.243-1(a)(2)(ii) election to claim a 100% dividend received deduction for dividends received from domestic corporations.
44-45 Not applicable This election number is intentionally omitted.
46 Waive NOL Carryback IRC Section 172(b)(3) election to relinquish the entire carryback period with respect to the net operating loss incurred during the current tax year.
47 Waive NOL Carryback for Farming Loss IRC Section 172(h)(3) election to treat farming loss incurred in current period as if not a farming loss and forgo the 5-year carryback period and elects a loss carryback period of 2 years (3 years if loss is eligible).
48-56 Not applicable These election numbers are intentionally omitted.
57 Section 382 NOL Statement IRC Regulation 1.382-11(a) ownership change of a loss corporation.
58 Sale/Exchange Partnership Interest Section 751 IRC Regulation 1.751-1(a)(3) disclose information for the sale or exchange of a partnership interest in which the partnership had Section 751 property at the time of sale.
59 Disproportionate Distribution Section 751 IRC Regulation 1.751-1(b)(5) disclose information for a partnership distribution in which the partnership had Section 751 property at the time of the distribution.
60 Safe Harbor for Small Taxpayers IRC Regulation 1.263(a)-3(h) to deduct the costs of repairs, maintenance, improvements, and similar activities performed on eligible buildings.
61 Capitalize Repair and Maintenance Costs IRC Regulation 1.263(a)-3(n) to capitalize repair and maintenance costs.
62 Waive CNOL Carryback for Consolidated IRC Regulation 1.1502-21(b)(3)(i) election to relinquish carryback with respect to the net operating loss incurred for consolidated group.
63 Accelerate Credits in Lieu of Bonus IRC Section 168(k)(4)(A) to accelerate unused alternative minimum tax credits in lieu of bonus depreciation for all eligible property acquired after December 31, 2006 and placed in service before January 1, 2020.
64-77 Not applicable These election numbers are intentionally omitted.
78 Capitalize Organization Costs IRC Regulation 1.248-1(c) to capitalize organization costs and forgo deduction allowed under Section 248(a).
79 Capitalize Start-up Expenses IRC Regulation 1.195-1(b) to capitalize start-up expenditures and forgo deduction allowed under Section 195(b).
80 Distribute Accumulated E&P First IRC Regulation 1.1368-1(f)(2)(i) to bypass the S Corporation's accumulated adjustments account, and distribute accumulated earnings and profits account first.
81 Forgo Distribution of PTI IRC Regulation 1.1368-1(f)(4) to forgo distribution from the S Corporation's previously taxed income account.
82 Shareholder Qualifying Disposition IRC Regulation 1.1368-1(g)(2)(i) to treat the S Corporation's tax year as if it consisted of separate tax years due to a shareholder's qualifying disposition of stock.
83 De Minimis Safe Harbor IRC Regulation 1.263(a)-1(f) to apply de minimis safe harbor to all qualifying property placed in service during the year.
84 Section 362 Transfer IRC Section 362 to apply limitation to transferor's stock basis.
85 Alternate Tax Small Insurance Company IRC Section 831(b)(2) for property and casualty insurance company to be taxed on its investment income only.
86 Out of Bonus Depr - All Prop IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for all asset classes of eligible depreciable property acquired and placed in service during the tax year.
87 Out of Bonus Depr - 3 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 3-year eligible depreciable property acquired and placed in service during the tax year.
88 Out of Bonus Depr - 5 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 5-year eligible depreciable property acquired and placed in service during the tax year.
89 Out of Bonus Depr - 7 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 7-year eligible depreciable property acquired and placed in service during the tax year.
90 Out of Bonus Depr - 10 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 10-year eligible depreciable property acquired and placed in service during the tax year.
91 Out of Bonus Depr - 15 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 15-year eligible depreciable property acquired and placed in service during the tax year.
92 Out of Bonus Depr - 20 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 20-year eligible depreciable property acquired and placed in service during the tax year.
93 Out of Bonus Depr - 25 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 25-year eligible depreciable property acquired and placed in service during the tax year.
94 Out of Bonus Depr - 27.5 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 27.5-year eligible depreciable property acquired and placed in service during the tax year.
95 Out of Bonus Depr - 39 Yr IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for 39-year eligible depreciable property acquired and placed in service during the tax year.
96 Out of Bonus Depr - IRC 167 IRC Section 168(k) to elect out of the first-year bonus depreciation allowance for IRC Section 167 computer software eligible depreciable property acquired and placed in service during the tax year.
97 Simplified Marginal Impact Method IRC Regulation 1.460-6(d) to elect to use the simplified marginal impact method for calculating look-back interest on long-term contracts.
98 Biofuel Producer Credit IRS Section 40(g)(6) to elect to allocate the credit pro rata among eligible patrons.
99 Low Sulfur Diesel Fuel Credit IRC Section 45H(f) to elect to allocate the credit pro rata among eligible patrons.

Related topic: Tax elections FAQs

Share This