lmasseycpa
Level 2
01-07-2021
06:12 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I've got a partnership with a Sec 754 Basis adjustment, I have it handled for the Federal module (using the Deprec and Spec Allocations Screens), but for California, I'm getting a detail on the K-1 showing:
"Sec 754 Adjustment in net expenses = $400" <<<shows on both partner K-1s
"Sec 754 Deprec Adj = ($800") <<<shows only on the partner with the 754 adj
The $800 is the correct amount that I want to allocate to this partner, and this seems to be coming from the CA special allocation screen...
What is causing the first entry of $400 for both partners...which is INCORRECT?
Thanks!
Larry Massey, CPA
Folsom, CA
Labels