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Form 1065-199A & UBIA ("754" Assets)

CGS
Level 2

ProSeries does not include UBIA of any Assets that are marked as a 754 adjustment on the Asset Entry Worksheet.  I believe the Final Regs allows for a Value for UBIA of assets that have been adjusted under 743(b).

There is a section of the Asset Entry Worksheet for 199A Attributes, but the value does not transfer to the 199A Form.

Any thoughts?

Labels (1)
3 Replies 3
spb
Level 3

Not only does the unadjusted basis not transfer, neither does the Section 754 depreciation deduction transfer to the "other deductions" line of the Statement A.  I'm surprised no one has answer your question in the past 4 weeks.  Evidently, there aren't real tax pros writing this software, nor using it, or the question would be coming up often enough for Intuit to fix their oversight. 

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CGS
Level 2

How come this question is still unanswered and not corrected for the 2020 Tax Program?

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spb
Level 3

Evidently ProSeries is a misnomer. Preparers who never use Sec 754 are rank amateurs in my world, and so is this software program. In fact, the cheap retail version works better than ProSeries. 

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