1120-US: Calculating the principal amount of loan owed to shareholder at the end of the year (FAQ)

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Question

How is the principal amount of loan owed to shareholder at the end of the year calculated?

Answer

The principal amount of loan owed to the shareholder at the end of the year is displayed on page 1 of the Shareholder's Basis Worksheet. UltraTax/1120 calculates this field as follows:

The data for the above fields is found on the Loan tab in View > Shareholder Information > Other Info tab > Shareholder Basis. UltraTax/1120 prints an informational diagnostic message if the sum of the principal amount of loan owed to all shareholders does not agree with the loans from shareholders on Form 1120S, Schedule L, line 19(d). Review the fields listed above, and ensure the data entry is complete.

Related topic: 1120-US: Shareholder basis calculations FAQs.

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