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Level 4
May 4, 2024
Question

Section 754 asset - how to include in UBIA

  • May 4, 2024
  • 1 reply
  • 15 views

Does anyone know how to get ProSeries to include a Sect 754 asset in UBIA? I've had to manually override the Partners K-1 info, but ProSeries will not allow me to override the UBIA Report that prints the assets included in UBIA. The UBIA column to the right does not allow an override. I see quite a few posts on this topic back from 2019 and 2020, but no resolution and the posts were locked. It doesn't appear that ProSeries ever addressed this or corrected their program. 

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1 reply

Taxes-by-Rocky
Level 7
May 4, 2024

Any chance the 754 asset is of the type that is amortized, rather than depreciated?

Level 4
May 4, 2024

No, it's 39 yr Commercial real estate

Taxes-by-Rocky
Level 7
May 6, 2024

Reason for the 754 election?  734 or 743 (presumably the former)?

Also, did you review the three check boxes on the asset worksheet:  754; 743(b); and ineligible for UBIA?