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

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.

Characters left:

Change to CS Support service hours

Our Support department is closed on [[date]]. However, limited UltraTax CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline.

Links to our most popular tax processing topics are available in the Alerts and notices section on the right side of most pages.


How do I make a section 754 election?


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)

Share This