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CCH Axcess Tax

Tax Adjustment and Preference Items and Section 754 Depreciation

Enter the tax adjustment and preference depreciation amounts in this section.

The tax preference depreciation amounts entered carry to the state return indicated on the Basic Data worksheet.

Section 754 entries do not apply to Form 1120 and Form 1120S returns.

The total depreciation on state Form 4562 must include the Section 754 amount. Specially, allocate the Section 754 depreciation to the partners for Form 1065 returns on Special Allocations worksheet.