1040-US: Reg. 1.1367-1(f) election and at-risk amounts

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Question

Can I make the Reg. 1.1367-1(f) election for alternative ordering rules for at-risk allocation of expenses?

Answer

No, you cannot make this election in UltraTax/1040. Reg. 1.1367-1(f) applies to the shareholder basis, not at-risk. UltraTax CS allocates based on IRC Sec. 465 and Form 6198 instructions.

Note: The Reg. 1.1367-1(f) election for S Corporation basis calculations can be made on Screen SBasis1.

Related topic: Form 6198 - At-risk calculations FAQs (1040)

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