lmasseycpa
Level 2

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

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