Partnership election to Capitalize Taxes and Carrying Charges in ProConnect

To make the election to capitalize taxes and carrying charges:

1. From the Input Return tab, go to Other ⮕ Elections.
2. Click on the blue Election in the upper right corner.
3. Go to the Other tab on this screen.
4. Scroll down to the Election to Capitalize Taxes & Carrying Charges section.
5. Check the box labeled Capitalize taxes and carrying charges [266].
6. Make any other applicable inputs in this section.

See IRC Regulation 1.266-1 Capitalize Taxes & Carrying Charges Election for more information.