paddock1967
Level 1
03-07-2023
03:48 PM
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What is the difference between the Section 754 special allocation and 743(b) special allocation codes in Lacerte? I noted Lacerte adds back the 743(b) allocation to the tax basis capital accounts, but it makes no adjustment for the 754 special allocation. The election is made according to Section 754, and you adjust the basis according to Section 743. So it seems Lacerete would have only a 743(b) special allocation and not the 754 special allocation.
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