Jump to content
ATX Community
Sign in to follow this  
BobCPA

754 Election in ATX software

Recommended Posts

I want to tap into the collective intelligence of the community here. My firm has just started using ATX software. We have a number of partnerships which have made Section 754 elections in the past. My question does not involve how to make the election, that has already been done. My question is how do you set up the software to handle this situation and get the correct amounts onto the K-1 forms for the partners. Yes, I have read the ATX support page on this, I am curious if someone out there has come up with a better approach.

Let me take as an example a partnership where 2 of the 6 partners have made the election on land and building (inherited). How would you set that up?

Share this post


Link to post
Share on other sites

I've only done one where the partnership only had land and the land was sold shortly after the one partner died. If you're talking about different depreciation allocations to the partners, my guess would be a manual allocation of box 1 or box 2 on the K1.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...