Tax elections FAQ (1065)

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The following includes an answer to a common question about tax elections.

Question

How do I view the contents and summaries of all tax elections in UltraTax/1065?

Answer

Information in the following table summarizes each tax election.

Description Paragraph summary
Deferral of Cancellation of Debt Income

IRC section 108(i) annual information statement to report deferred income from discharge of indebtedness.

Note: This is not a traditional election. The election is not editable and is not selected in Screen Elect. Use Screen CODI in the Elections folder to enter specific information required for the section 108(i) annual information statements.

1065 Consolidated Audit Rule IRC section 6231(a)(1)(B)(ii) election to have the unified partnership tax treatment provisions apply for the current and subsequent tax years.
Section 754 Election IRC section 754 and Regulations section 1.754-1 election to adjust the basis of the partnership property under IRC sections 734(b) and 743(b). This election is made with respect to a distribution of property to a partner or a transfer of an interest in the partnership in the current tax year.
Amortize Bond Premium IRC section 171(c) election to amortize all bond premiums.
Carrying Charges

IRC section 266 and Regulations section 1.266-1(b)(1), election to capitalize interest, taxes and other carrying charges incurred during the tax year.

Note: Use Screen Elect in the Elections folder to enter the description, date paid or incurred, and amount of the expenses for this election.

Sec. 351 Stmt of Disclosure

IRC section 351 and Regulations section 1.351-3(a) election to disclose the details regarding asset transfers by the transferor.

Note: Use Screen Elect in the Elections folder to enter information for the transferee corporation and property transferred for this election.

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.
Depreciation - DB 3 Year Property 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.
Depreciation - DB 5 Year Property 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.
Depreciation - DB 7 Year Property 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.
Depreciation - DB 10 Year Property 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.
Depreciation - DB 15 Year Property 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.
Depreciation - DB 20 Year Property 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.
Depreciation - DB 39 Year Property 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.
Depreciation - DB All Property 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.
Depreciation - DB to SL Former IRC section 167(e)(1) and Regulations section 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.
Depreciation - Exclude from MACRS IRC section 168(f)(1) election to depreciate property (see depreciation schedules attached) under the unit of production method.
Depreciation - SL 3 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL 5 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL 7 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL 10 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL 15 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL 20 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL 39 Year Property 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. Made in accordance with IRC section 168(b)(5) and applies to all such property placed in service during the tax year.
Depreciation - SL All Property 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. Made in accordance with IRC section 168(b)(5).
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.

Note: Use Screens F and 4835 to enter specific information for this election.

Mutual Funds Avg Basis - Double Regulations section 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.
Mutual Funds Avg Basis - Single Regulations section 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.
Self-Charged Interest Regulations section 1.469-7(g) election out of the income recharacterization rules.
Recurring Items Regulations section 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.
Farm Crop Insurance Deferral

IRC section 451(d) and Regulations section 1.451-6 to defer until next year the income recognition from crop insurance proceeds received in current year.

Note: Use Screens F and 4835 to enter specific information for this election.

Mark-to-Market IRC section 475(f) election to use mark-to-market method of accounting for trade or business of trading securities.
Elect Out of Sub K Provisions IRC section 761(a) election to be excluded from the provisions of Subchapter K.
Elect to Capitalize Start-up Expenses Regulations section 1.195-1(b) to capitalize start-up expenditures and forego amortization as defined in IRC section 195(b)(1).
Elect to Capitalize Organization Costs Regulations section 1.709-1(b)(2) to capitalize organization costs and forego amortization as defined in IRC section 709(b)(1).
De Minimis Safe Harbor Under Regulation 1.263(a)-1(f), the taxpayer hereby elects to apply the de minimis safe harbor election to all qualifying property placed in service during the tax year.
Safe Harbor Election for Small Taxpayers Under Regulation 1.263(a)-(3)(h), the taxpayer elects the small taxpayer safe harbor election to deduct costs for eligible buildings.
Sale/Exchg Pship Interest Code Sec 751 Under Regulation 1.751-1(a)(3), for the sale or exchange of an interest in a partnership that had IRC section 751 property at the time of sale or exchange.
Disproportionate Distrib - Code Sec 751 Under Regulation 1.751-1(b)(5), for the disproportionate distribution from a partnership holding IRC section 751 property.
Capitalize Repair and Maintenance Costs Under Regulation 1.263(a)-(3)(n), the taxpayer hereby elects to capitalize repair and maintenance costs.
Extension of Time to Replace Pursuant to Regulations section 1.1033(a)-2(c)(3), the taxpayer hereby requests an extension of time to replace property, which was involuntarily converted in a prior year.
Claim 50% Bonus Depr - All Property 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 tax year.
Claim 50% Bonus Depr - 3 Year Prop 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 tax year.
Claim 50% Bonus Depr - 5 Year Prop 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 tax year.
Claim 50% Bonus Depr - 7 Year Prop 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 tax year.
Claim 50% Bonus Depr - 10 Year Prop 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 tax year.
Claim 50% Bonus Depr - 15 Year Prop 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 tax year.
Claim 50% Bonus Depr - 20 Year Prop 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 tax year.
Claim 50% Bonus Depr - 25 Year Prop 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 tax year.
Claim 50% Bonus Depr - 27.5 Year Prop 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 tax year.
Claim 50% Bonus Depr - 39 Year Prop 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 tax year.
Claim 50% Bonus Depr - IRC 167 Prop 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 tax year.
Out of Bonus Depr - All Property IRC section 168(k)(7) 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.
Out of Bonus Depr - 3 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 3-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 5 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 5-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 7 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 7-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 10 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 10-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 15 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 15-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 20 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 20-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 25 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 25-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 27.5 Year Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for 27.5-year depreciable property placed in service during the tax year.
Out of Bonus Depr - 39 Year Prop IRC section 168 (k)(7) to elect out of the first-year bonus depreciation allowance for 39-year depreciable property placed in service during the tax year.
Out of Bonus Depr - IRC 167 Prop IRC section 168(k)(7) to elect out of the first-year bonus depreciation allowance for IRC section 167 computer software placed in service during the tax year.

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