1065-US: Making a section 754 election (FAQ)

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Question

How do I make a section 754 election?

Answer

UltraTax CS comes with a predefined section 754 election statement. Select Section 754 Election in the Election Statements section in Screen Elect. The election may be customized in Setup > 1065 Partnership > Tax Elections.

Use the Asset tab to add an asset in the amount of the basis adjustment. See Entering depreciation special allocations for step-by-step procedures about how to specially allocate the asset to the applicable partners.

Related topic: Section 754 election FAQ (1065)

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