1120-US: Controlled group FAQs (1120)

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The following includes answers to common questions about controlled groups.

How do I change a return after data has been shared between members of a controlled group?

How do I elect to use the first-in-first-out (FIFO) method of allocation for additional tax?

How do I enter a corporation as a controlled group?

How do I prepare Schedule O when some members of the control group use a calendar year and others use a fiscal tax year?

How do I share data between members of a controlled group?

Will UltraTax/1120 automatically allocate the tax brackets, exemptions, and limitations to members of the controlled group?

How does UltraTax/1120 calculate the amount of additional tax owed by each member under the proportionate method of allocation?

How much of the taxable income brackets can be allocated to a controlled group member?

Is the proportionate or first-in-first-out (FIFO) method of allocation required for all tax benefit items?

What is the purpose of allocating the various income brackets?

What method of allocation is permitted to assign the various taxable income brackets?

What methods of allocation are permitted to assign the additional five-percent and three-percent taxable income brackets?

Why is the controlled group information entered for a consolidated C Corporation client not being shared?

Why is UltraTax/1120 calculating an additional five-percent tax on the controlled group?

Why is UltraTax/1120 calculating an additional three-percent tax on the controlled group?

Why isn't an S Corporation a member of a controlled group?

Related topic: 1120 frequently asked questions

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