1120-US: Business income calculated for Form 4562, line 11 and the amount of Section 179 deduction allowed for the current year (FAQ)

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Question

How is the amount of business income calculated for Form 4562, line 11 used to determine the amount of Section 179 deduction allowed for the current year?

Answer

UltraTax CS calculates trade or business income for a C Corporation by totaling the following amounts.

UltraTax CS calculates trade or business income for an S Corporation by totaling the following amounts.

If the amount on Form 4562, line 11 is less than the amount on line 5, UltraTax CS prints a not required statement for S Corporation clients detailing the amounts that are used to calculate the business income limitation for Section 179.

You can force the amount of business income for Section 179 purposes in the Section 179: Business income limitation (Force) field in Screen OthAsset in the General folder.

Related topic: 1120-US: Form 4562 - depreciation and amortization FAQs

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