Section 163(j) election

IRC section 163(j) was amended under the 2017 Tax Cuts and Jobs Act (TCJA) to reflect a new limitation on the deduction for business interest expense for certain taxpayers in tax years beginning after 2017.
Enter
X
in the
Section 1.163(j)-9 election was made for an excepted trade or business
field on the 1120, Farm, Farm Rent, and Rent screens if the corporation has made an election under section 1.163(j)-9 in the prior year, or is making the election in the current year. UltraTax CS proformas this field from the prior year.
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