sec 199A unadjusted basis k-1 code X

Technical topics regarding tax preparation.
#1
philly  
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When you double check your tax prep software concerning the unadjusted basis of qualified property ( K-1 code X) remember the depreciation period ends on the later of 10 years after the property is placed in service or the last day of the full year for the applicable recovery period under section 168.

Pro system FX seems to have the K-1 code X computed correctly but I have been double checking the detailed depreciation schedules.

For most clients the unadjusted basis does not come into play however I have a few large clients were the wages and qualified property might apply.
 

#2
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philly wrote:For most clients the unadjusted basis does not come into play


I use Lacerte for tax prep but keep a lot of my depreciation schedules in Fixed Assets CS. This means I have to manually calculate the UBIA figure for 199A, which is a pain. For every operating business I've prepared so far the 50% of wages does the trick. When that's the case is there any reason to report a figure for unadjusted basis on the K-1? I'm assuming no.
 


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