In addition to elections for individuals, businesses, estates, and trusts, it covers elections for specific industries, including oil and gas and farming. The Deskbook provides fill-in-the-blank sample elections that ensure the elections you and your staff prepare for your clients meet all of the technical requirements without having to wade through the Code, regulations and IRS pronouncements. It also shows you how to obtain relief for late or missed elections.

The Deskbook also contains guidance and samples for preparing information statements to help you quickly meet the reporting rules for many common transactions (e.g., Section 351 transfers or tax-free reorganizations).

The current edition of the Deskbook contains numerous new and updated elections necessitated by recent legislation including, for example, the following:

• Consent to Electronic Delivery of Schedule K-1. Beginning on February 13, 2012, partnerships may furnish their Schedules K-1 in an electronic format. A new sample consent and disclosure for electronic delivery of Schedule K-1 has been added to the Deskbook.
• Accruing Interest on U.S. Savings Bonds upon Owner’s Death. If a decedent did not report the interest earned each year on U.S. savings bonds, the estate’s executor may elect to recognize all previously unreported interest on the decedent’s final return. An election for the estate to accrue the interest on U.S. savings bonds acquired from a decedent has been added to the Deskbook.
• Suspending the Running of the Ownership and Use Period for the Gain Exclusion Rules on the Sale of a Residence. Certain taxpayers can elect to have the ownership and use periods suspended for up to 10 years while they are on qualified official extended duty. An election explaining this provision has been added to the Deskbook.
• Amortizing Fertilizer Expenses. Taxpayers engaged in the business of farming can elect annually to deduct amounts (otherwise chargeable to a capital account) paid or incurred during the tax year for fertilization, neutralization, or conditioning of land used in farming, as well as the expenses incurred to apply the fertilizer or conditioner. This election has been added to the Deskbook.
• Two New Partnership Elections. Nonresident aliens and foreign corporations can elect to treat real property income as income connected with U.S. business. The Deskbook now includes these elections for nonresident aliens and foreign corporations.
• Claiming a Credit Instead of a Deduction for Repayments Related to a Claim of Right Adjustment. If a taxpayer must repay a certain payment received in a prior year because he or she in fact did not have a right to it, it must be reported as a deduction on the return for the year in which it is repaid. However, if the repayment is greater than $3,000, the taxpayer can instead claim a credit instead of a deduction. This election has been added to the Deskbook.
• Legislation. Various elections have been updated to reflect changes promulgated by legislation first effective in 2012 and for 2012 rates and amounts.