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    Section 754 step down adjustment

    kdance
    Level 2
    ‎04-07-2022 07:44 AM

    Has anyone encountered a negative "step-down" adjustment. Proseries does not allow the entering of a negative amount to the "federal fixed asset worksheet". Any advice will be appreciated. Thank you!

     

     

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    2 Comments 2
    dascpa
    Level 12
    ‎04-07-2022 08:49 AM

    Any time I've had a step-down I've created a new asset for the new basis.  My workpapers have the calculation if ever needed.

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    kdance
    Level 2
    ‎04-07-2022 09:54 AM

    Thank you.

    How do you do that approach with different partners?

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