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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 indicate that specially allocated depreciation is for section 754?

Answer

By default, UltraTax CS uses the description "Specially Alloc Depreciation" in the statements for Schedule K, lines 11 and 13d; Schedule K-1, box 11, box 13, and box 20; and the Analysis of Partner’s K-1, Current Year Increase (Decrease) Worksheet. To change this description to "Section 754 Adjustment," mark the Use section 754 for specially allocated depreciation description field in Screen CltOptns.

Related topic: Section 754 election FAQ (1065)

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