2018 UltraTax CS
New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
Question
How do I view the contents and summaries of all available tax elections?
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.
| Description | Election summary |
|---|---|
| 50% Charitable Cap Gain Prop | IRC Section 170(e)(1)(B) and Regulation 1.170A-4 paragraph (a) election to apply the reduction rule to all charitable contributions of 30% capital gain property made during the taxable year. |
| Amortize Bond Premium | IRC Section 171(c) election to amortize all bond premiums. |
| Cancellation of Debt Deferral | IRC Section 108(i) election to defer recognizing discharge of indebtedness income. |
| Capitalize Carrying Charges | IRC Section 266 and reg. 1.266-1(c) election to capitalize interest, taxes, and other carrying charges incurred during the tax year. |
| Capitalize Repair and Maintenance Costs | IRC Regulation 1.263(a)-3(n) election to capitalize all repair and maintenance costs paid during the tax year. |
| Deduct IDC - Oil/Gas Wells | IRC Section 263(c) and Reg. 1.612-4 election to deduct all intangible drilling costs paid or incurred in the drilling and preparation of wells. |
| Deduct IDC - Geothermal Wells | IRC Section 263(c) and Reg. 1.612-5 election to deduct all intangible drilling costs paid or incurred in the drilling and preparation of wells. |
| Deduct IDC - Non-Prod Oil/Gas Wells | IRC Regulation 1.612-4(b)(4) election to deduct all intangible drilling costs incurred in the drilling of nonproductive wells. |
| Deduct IDC - Non-Prod Geothermal Wells | IRC Regulation 1.612-5(b)(4) election to deduct all intangible drilling costs incurred in the drilling of nonproductive wells. |
| Deduct Decedent's Medical Expenses | IRC Section 213(c) and Regulation 1.213-1(d)(2) election to deduct medical expenses for a deceased individual in Form 1040 instead of Form 706. |
| 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. |
| De Minimis Long-Term Contracts | IRC Regulation 1.460-6(j) election to not apply the look-back method to long-term contracts in de minimis cases, effective for contracts completed during and after the current tax year and all subsequent tax years. |
| 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. |
| 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 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| 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. |
| Depreciation - DB to SL | Former 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. |
| Depreciation - Excl from MACRS | IRC Section 168(f)(1) election to depreciate property (see depreciation schedules attached) under the unit of production method. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| 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 IRC Sec. 168(b)(5), applies to all such property placed in service during the tax year. |
| Diesel-Water Fuel & Lending | IRC Section 4081(a)(2)(D) compliance statement certifying diesel-water fuel emulsion use. |
| Disproportionate Distrib - Code Sec. 751 | IRC Regulation 1.751-1(b)(5) requirement for disclosing information for a partnership distribution in which the partnership had Code Sec. 751 property at the time of distribution. |
| Ext to Replace Converted Prop | IRS Section 1033(a)(2) election to request an extension of time to replace property which was involuntarily converted in a previous year pursuant to Regulation 1.1033(a)-2(c)(3). |
| 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. |
| Farm Crop Insurance | IRC Section 451(d) and Reg. 1.451-6 election to defer until next year the income recognition from crop insurance proceeds received in the current tax year. Taxpayer further declares that under normal accounting practices, income from the affected crops would have been included in next year's gross income. |
| Foreign Taxes Exchange Rate | IRC Section 986(a)(1)(D) election to use the exchange rate in effect on the date the foreign taxes were paid rather than using the average exchange rate. |
| Form 4972 - NUA Spouse | IRC Section 402(e)(4)(B) election to include the net unrealized appreciation (NUA) on employer securities as income. They were distributed to the spouse as part of a lump-sum distribution from the spouse's employer qualified retirement plan. |
| Form 4972 - NUA Taxpayer | IRC Section 402(e)(4)(B) election to include the net unrealized appreciation (NUA) on employer securities as income. They were distributed to the taxpayer as part of a lump-sum distribution from the taxpayer's employer qualified retirement plan. |
| Jt w/Sp Nonres Alien - Full Yr | IRC Section 6013(g) election for taxpayer, who is a citizen of the United States, and the spouse, who was a nonresident alien on the last day of the tax year, elects to be taxed as if both of them had been U.S. citizens or residents for the entire tax year. |
| Jt w/Sp Nonres Alien - Part Yr | IRC Section 6013(h), election for taxpayer, who is a citizen of the United States, and the spouse, an alien who became a resident of the United States during the year and whose U.S. residence continues through the end of the tax year, elects to be taxed as if both of them had been U.S. citizens or residents for the entire tax year. |
| Jt w/Tp Nonres Alien - Full Yr | IRC Section 6013(g) election for spouse, who is a citizen of the United States, and the taxpayer, who was a nonresident alien on the last day of the tax year, elects to be taxed as if both of them had been U.S. citizens or residents for the entire tax year. |
| Jt w/Tp Nonres Alien - Part Yr | IRC Section 6013(h), election for spouse, who is a citizen of the United States, and the taxpayer, an alien who became a resident of the United States during the year and whose U.S. residence continues through the end of the tax year, elects to be taxed as if both of them had been U.S. citizens or residents for the entire tax year. |
| Limited Lump Sum - Taxpayer | IRC Section 86(e) election to treat a lump sum Social Security benefit payment received in the current year but attributable in part to a previous tax year pursuant to the provisions of IRS Section 86(e). |
| Limited Lump Sum - Spouse | IRC Section 86(e) election to treat a lump sum Social Security benefit payment received in the current year but attributable in part to a previous tax year pursuant to the provisions of IRS Section 86(e). |
| Mark-to-Market Election | IRC Section 475(f) election to use the mark-to-market method of accounting for trade or business of trading securities. The first year for which the election is effective is the taxable year beginning January 1, 2006. |
| 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. |
| 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. |
| N/A | These tax election numbers are intentionally omitted. |
| Net Inv Inc - Reg. 1.1411-10(g) CFC/QEF | IRC Regulation 1.1411-10(g) election to recognize controlled foreign corporation and qualified electing fund net investment income concurrently with regular income. |
| 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. |
| NOL Carryback for Farming Loss | IRC Section 172(i)(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). |
| Out of Bonus Depr - All Property | IRC Section 168(k) to elect out of first-year bonus depreciation for all eligible depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 3 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 3-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 5 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 5-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 7 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 7-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 10 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 10-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 15 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 15-year depreciable property placed in service during the tax year. |
| Out of 50% Bonus Depr - 20 Yr | IRC Section 168(k) to elect out of first-year bonus depreciation for 20-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 25 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 25-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 27.5 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 27.5-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - 39 Yr Property | IRC Section 168(k) to elect out of first-year bonus depreciation for 39-year depreciable property placed in service during the tax year. |
| Out of Bonus Depr - IRC 167 Property | IRC Section 168(k) to elect out of first-year bonus depreciation for IRC Section 167 computer application placed in service during the tax year. |
| Out of Debt Secrd by Qual Res | IRC Section 163(h) election to opt out of treating certain home equity debt as not secured by a qualified residence. |
| 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. |
| Recompute Var Annuity Excl | IRC Regulation 1.72-4(d)(3)(ii) to recompute the amount of the payment that is excludable from gross income in the current year, and that will be excluded from gross income in the succeeding years that payments are received under the contract. |
| Rental R/E Professional | IRC Regulation 1.469-9(g)(3) election that states that are a qualifying real estate professional under IRC Sec. 469(c)(7), and elect under IRC Sec. 469(c)(7)(A) to treat all interests in rental real estate as a single rental real estate activity. |
| Rev. Proc. 2010-13 PAL Group Disclosure | Statement filed in accordance with Rev. Proc. 2010-13 and election to group activities pursuant to Reg. 1.469-4(c) |
| Revoke Sec. 6013(g) Election | IRC Section 6013(g) election to revoke any previous election made under Section 6013(g) to be taxed as if both the taxpayer and spouse have been U.S. Citizens or residents for the entire tax year. |
| Safe Harbor for Small Taxpayers | IRC Regulation 1.263(a)-3(h) election to apply the safe harbor provisions to all amounts paid during the tax year for repairs, maintenance, improvements, and similar activities performed on the eligible building property. |
| Sale/Exchg P'Ship Interest Code Sec. 751 | IRC Regulation 1.751-1(a)(3) requirement for disclosing information for the sale or exchange of a partnership interest in which the partnership had Code Sec. 751 property at the time of sale or exchange. |
| 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 noninterest-bearing discount obligations he now owns or may hereafter own. |
| Sec. 351 Statement of Disclosure | IRC Section 1.351-3(a) requirement for disclosing information regarding the transfer property with respect to a section 351 exchange. |
| Section 1033(e) Livestock Sale | IRC Section 1033(e) election to defer recognition of gain on the sale of draft, dairy, or breeding of livestock due to weather-related conditions as well as re-invest the proceeds within four years of the sale. |
| Section 1.1367-1(g) | Regulation 1.1367-1(g) election to reduce shareholder basis by deductible items before nondeductible items. |
| Simplified Marginal Impact Method | IRC Regulation 1.460-6(d) election to use the simplified marginal impact method for calculating look-back interest on long-term contracts effective for the current tax year and all subsequent tax years. |
| Tax Home Outside US Extension | The taxpayer(s), United States citizen(s) or resident alien(s), resided and maintained a tax home and abode outside both the United States and Puerto Rico on April 15, 2014. Pursuant to Treasury Regulation 1.6081-5(a), the taxpayers are granted an extension of time to file the tax year income tax return until June 16, 2014. |
| 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. |
| Value of Restricted Property | IRC Section 83(b) election to include in gross income, as compensation for services, the excess fair market value (at the time of transfer) of property received over the amount paid for the property. |
| Waiver of Add'l Tax - RMD | Request for waiver from additional tax from the shortfall from the amount of required minimum distributions. The shortfall was due to reasonable error and appropriate steps are being taken to remedy the shortfall. |
| Weather Related Livestock Sale | IRC Section 451(e) and Regulation 1.451-7 to defer income from the sale of livestock until the following tax year. |
Related topic: Tax elections FAQs (1040)
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