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.

Under IRC Regulation 1.1367-1(g), the shareholder may elect to reduce basis by items of loss or deduction before reducing basis by nondeductible, noncapital expenses and certain oil and gas depletion deductions. To make this election, enter X in the Regulation 1.1367-1(G) election field in the Suspended Losses tab in View > Shareholder Information > Other Info tab > Shareholder Basis dialog. The election statement will automatically print in the respective shareholder package.

The election statement is only required in the first year the election is made. If you do not need the election statement to print in the current year, enter X in the Suppress 1367 election statement field.

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