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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
Can I make the Reg. 1.1367-1(f) election for alternative ordering rules for at-risk allocation of expenses?
Answer
No, you cannot make this election in 1040. Reg. 1.1367-1(f) applies to the shareholder basis, not at-risk. The application allocates based on IRC Sec. 465 and Form 6198 instructions.
Note: The Reg. 1.1367-1(f) election for S Corporation basis calculations can be made on Screen SBasis1.
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