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

Show expandable text

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 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)

Was this article helpful?

Thank you for the feedback!