UltimateTax calculates the basis of the new asset if the box is selected to elect out of the regulations listed under TD 9115. A new Depreciation worksheet should be created to record the basis of the new asset.
For additional information, see the IRS instructions for Form 8824 (http://www.irs.gov/pub/irs-pdf/f8824.pdf) or T.D. 9115 - Depreciation of MACRS Property That is Acquired in a Like-kind Exchange or As a Result of an Involuntary Conversion.
This information applies to all years of the UltimateTax software.