Form 1065-Schedule B-Question 10a (754 Election)

[CGS]

ProSeries now has an error when answering yes to question Sch B-10a (it did not do this in past program years).  The instruction ask for an election statement in the 1st year made, but we have never been required to attached the old election each year.  Did something change or have I been wrong each year ?

For me, the Original Election was in 1999 and the question asks if an election had been made in previous years and the answer is...Yes.

[UT1977]

Have you received an answer to this from ProSeries yet. Unless the problem get's fixed, I'm thinking that we are going to have to include a PDF file attachment which basically says that the Section 754 election was already included in a prior year return.

[CGS]

No Answer. I have also attached, by pdf, my original election from 1999 or whatever year applied to a particular entity that is filing (I have a lot of 754 elections) even though I do not think it is required.

Can't get through by phone (hour plus wait now).  Earlier today, I used the call back feature.  When ProSeries called back, it rang once and I got a dial tone.  Ugh!

I have a more pressing question as it relates to Assets shown in the Asset Entry Worksheet.  If you reflect the Asset as a 754 Adjusted Asset, the Asset will not be included for 199A as a UBIA.  This is not correct per the Final Regs.  The section in the Asset Entry Worksheet for Section 199A Attributes does not work.  I sent ProSeries a Sanitized copy of a partnership....No Answer.

[JRC]

The program seems to have been corrected now. Showing no error if you answer 10a yes and 10b no.

[steve5]

I had the same question / error message.  I'm glad you brought it up.