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Elections
Drake Manual Supplement: Fiduciaries
Figure 9: The election explanation appears as an “Election” statement
NOTE
Making these elections and completing these statements does not
change the calculation of the return.
Safe Harbor Elections
New for 2014: A check box was added to screen 4562 to apply a small taxpayer Safe
Harbor election to a building listed in the Description field. An election statement
will be produced and the building description as entered in the Description field will
be included in the election statement.
NOTE
This Safe Harbor election covers buildings only.
See IRS Reg. section 1.263(a)-3(h), IRB 2013-43, Rev. Proc. 2014-16, and Rev. Proc.
2015-14 for guidance.
New Options
on ELEC
Screen
Two other elections are now available from the Elections drop list on the ELEC
screen:
•
•
Sec. 1.263(a) - 1(f) de minimis safe harbor election
Sec. 1.263(a) - 3(n) Election
Election statements are generated with the return (Figure 10).
Figure 10: Election statement generated with ELEC screen selection
The Sec. 1.263(a) - 3(h) election can be made from either the ELEC screen or the
4562 screen.
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Tax Year 2014