1120-US: Electing to use the first-in-first-out (FIFO) method of allocation for additional tax (FAQ)

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Question

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

Answer

To elect the first-in-first-out method of allocation, mark the FIFO method used to allocate Section 11(b)(1) additional tax field in Screen Ctrl.

Note: UltraTax/1120 calculates the additional tax using the proportionate method of allocation unless the FIFO method is elected in Screen Ctrl.

Related topic: 1120-US: Controlled group FAQs

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