Does anyone know how to comply with the new rules within the context of Lacerte? If you have a 743 basis adjustments and the taxpayer keeps the books on tax basis but takes into account the 743 basis adjustment on the quickbooks as a new asset and also has depreciation on the books for the 743 asset, how do we compute the Schedule M-2 with the new rules? Do we have to manually override the capital accounts on the balance sheet?
M-2 is not supposed to include any 743(b) transactions.
Partner died. Simple step up in basis.