pat
Level 5
10-08-2020
04:54 PM
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Found it, I am a little blurry-eyed.
One more thing- I have information diagnostics for each of the other assets included with the exchange that "An election statement is available to support the election to not apply like-kind exchange regulations 1.168(i)-6T" All of these assets were entered into the LKE Wizard and the main asset also has an information diag for the new asset created.
Do I have to do separate elections for each of the other assets entered into the LKE Wizard? I see where I can enter info for the statement but confused as to what values I enter for that statement since everything is under one the main asset and a new asset has been created with the correct new basis...
I did use the simplified method.
TIA