schedule k-1 line 20

From pressing F1 in Screen 22

Section 743(b) Negative Inc. Adjustments [O]

Report the partner's share of net positive income resulting from all section 743(b) adjustments. For purposes of Code V, net positive income from all section 743(b) adjustments means the excess of all section 743(b) adjustments allocated to the partner that increase partner taxable income over all section 743(b) adjustments that decrease partner taxable income. If the net increase to income is from more than one section 743(b) adjustment, attach a statement on line 20, code AH, showing each section 743(b) basis adjustment making up the total and identify the asset to which it relates.

The program automatically brings in any current year depreciation tagged as “743(b) (Schedule K only)” and ”743(b) (Schedule K and M-1)”. Enter the total amount here to override that calculation and allocate the appropriate amount to the affected partner(s).

NOTE A: If the increase/decrease is due to more than one adjustment, enter asset and amount information in Other Items (Line 20) “Other items” and allocate to the affected partner(s).

NOTE B: If the return contains both 743(b) positive and negative income adjustments, a diagnostic will print informing to net the two amounts together and enter as only one amount.

https://proconnect.intuit.com/community/form-1065/help/making-section-743-b-734-b-and-754-basis-adjustment-election/00/6091 

https://proconnect.intuit.com/community/form-1065/help/entering-section-754-743-b-or-other-specially-allocated/00/4938

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