Tax elections (1041)

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The following table is a summary of each tax election. To view the complete contents of tax elections, see Viewing the contents of tax elections.

Use the Search field to search the table data, or click a column heading to sort the table.

No. Description Paragraph summary
1 Amortize Bond Premium IRC section 171 (c) election to amortize all bond premiums.
2 Carrying Charges - Construction IRC section 266 and Reg. 1.266-1(b)(1): election to capitalize interest, taxes, and other carrying charges incurred for the development or construction of real property during the tax year.
3 Carrying Charges - Real Estate IRC section 266 and Reg. 1.266-1(b)(1): election to capitalize interest, taxes, and other carrying charges incurred with respect to a tract of unimproved and unproductive property during the tax year.
4 Carrying Charges - Personal Prop IRC section 266 and Reg. 1.266-1(b)(1): election to capitalize interest, taxes, and other carrying charges incurred for personal property during the tax year.
5 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 in service during the tax year.
6 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 in service during the tax year.
7 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 in service during the tax year.
8 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 in service during the tax year.
9 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 in service during the tax year.
10 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 in service during the tax year.
11 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 in service during the tax year.
12 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 for all property placed in service for the tax year ending.
13 Depreciation - DB to SL IRC section 167(e)(1) and Reg. 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.
14 Depreciation - Excl from MACRS IRC section 168(f)(1) election to depreciate property (see depreciation schedules attached) under the unit of production method.
15 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
16 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
17 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
18 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
19 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
20 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
21 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
22 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 in service during the tax year and made in accordance with Code Sec. 168(b)(5), applies to all such property placed in service during the tax year.
23 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.
24 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.
25 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.
26 Deduct Start-Up Exp Post 10/22 IRC section 195 election to deduct all start-up expenses incurred after October 22, 2004.
27 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.
28 Savings Bond Income IRC Regulation 1.454-1(a)(1) election to include in current income the annual increase in the redemption price of all non-interest-bearing discount obligations.
29 Start-Up Expenses Amortized IRC section 195 election to amortize all start up expenses incurred on or before October 22, 2004, over 60 months.
30 Throwback of Disaster Loss IRC section 165(i) election to claim the disaster loss as reflected in Form 4684 in the taxable year immediately preceding the taxable year in which the disaster occurred.
31 Form 4972 Include NUA IRC section 402(e)(4)(B) election to include net unrealized appreciation on employer securities as income.
32 De Minimis Safe Harbor IRC regulation 1.263(a)-1(f) to apply the de minimis safe harbor election to all qualifying property placed in service during the tax year.
33 Safe Harbor Election for Small Taxpayers IRC regulation 1.263(a)-3(h), elects the small taxpayer safe harbor election to deduct the costs or repairs, maintenance, improvements, and similar activities performed on eligible buildings.
34 Capitalize Repair and Maintenance Costs IRC regulation 1.263(a)-3(n), elects to capitalize repair and maintenance costs.
52 Waive Right to Claim Expenses IRC section 642 (g) and Regulation 1.642(g)-1 election to deduct expenses on Form 1041 instead of Form 706.
53 Deduction for Estate Expenses Election to claim expenses on both Forms 1041 and 706 and will amend one of the returns later.
54 Charitable Contributions Paid IRC section 642(c)(1) and Regulation 1.642(c)-1(b) election to treat contributions paid in the next tax year as paid during the current year.
55 Distributions Within 65 Days IRC section 663(b) election to treat distributions as made in preceding tax year.
56 Distributions in Property IRC section 643(e)(3) election to recognize gain on property distributions to beneficiaries.
57 QSF Grantor Trust IRC Regulation 1.468B-1(k) election to have qualified settlement fund treated as a grantor trust.
58 NOL Carryback for Farming Loss IRC section 172(i)(3) election to treat farming loss incurred in the current period without regard to the special 5-year carryback rule.
59 NOL Carryback IRC section 172(b)(3) election to relinquish entire carryback period with respect to the net operating loss incurred during the current tax year.
71 Out of Bonus Depr - All Prop IRC section 168(k) to elect out of the first-year bonus depreciation allowance for all eligible asset classes of depreciable property placed in service during the tax year.
72 Out of Bonus Depr - 3 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 3-year depreciable property placed in service during the tax year.
73 Out of Bonus Depr - 5 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 5-year depreciable property placed in service during the tax year.
74 Out of Bonus Depr - 7 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 7-year depreciable property placed in service during the tax year.
75 Out of Bonus Depr - 10 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 10-year depreciable property placed in service during the tax year.
76 Out of Bonus Depr - 15 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 15-year depreciable property placed in service during the tax year.
77 Out of Bonus Depr - 20 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 20-year depreciable property acquired after December 31, 2007, and applies to all such eligible depreciation property placed in service during the tax year.
78 Out of Bonus Depr - 25 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 25-year depreciable property placed in service during the tax year.
79 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 depreciable property placed in service during the tax year.
80 Out of Bonus Depr - 39 Yr IRC section 168(k) to elect out of the first-year bonus depreciation allowance for 39-year depreciable property placed in service during the tax year.
81 Out of Bonus Depr - IRC 167 IRC section 168(k) to elect out of the first-year bonus depreciation allowance for IRS section 167 computer software placed in service during the tax year.
82 NOL 3 Yr Small Business Loss Carryback Under IRC section 172(b)(1)(H), the taxpayer elects to apply the increased carryback provision to an applicable NOL. The applicable NOL will be carried back three years.
83 NOL 4 Yr Small Business Loss Carryback Under IRC section 172(b)(1)(H), the taxpayer elects to apply the increased carryback provision to an applicable NOL. The applicable NOL will be carried back four years.
84 NOL 5 Yr Small Business Loss Carryback Under IRC section 172(b)(1)(H), the taxpayer elects to apply the increased carryback provision to an applicable NOL. The applicable NOL will be carried back five years.
85 Sec. 351 Statement of Disclosure Under Regulation 1.351-3(a), the taxpayer hereby discloses the details regarding assets transferred.
87 Claim 50% Bonus Depr-All Prop IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for all eligible asset classes of depreciable property placed in service during the year.
88 Claim 50% Bonus Depr-3 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 3-year depreciable property placed in service during the year.
89 Claim 50% Bonus Depr-5 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 5-year depreciable property placed in service during the year.
90 Claim 50% Bonus Depr-7 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 7-year depreciable property placed in service during the year.
91 Claim 50% Bonus Depr-10 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 10-year depreciable property placed in service during the year.
92 Claim 50% Bonus Depr-15 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 15-year depreciable property placed in service during the year.
93 Claim 50% Bonus Depr-20 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 20-year depreciable property placed in service during the year.
94 Claim 50% Bonus Depr-25 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 25-year depreciable property placed in service during the year.
95 Claim 50% Bonus Depr-27.5 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 27.5-year depreciable property placed in service during the year.
96 Claim 50% Bonus Depr-39 Yr IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for 39-year depreciable property placed in service during the year.
97 Claim 50% Bonus Depr-IRC 167 IRC section 168(k)(10)(A) to claim the 50% first-year bonus depreciation allowance instead of 100% bonus depreciation for IRC Section 167 computer software placed in service during the year.

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