Entering California stock basis, loan basis, and suspended loss information for shareholders

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Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

  1. Choose File > Open Client to open the desired S Corporation client.
  2. Choose View > Shareholder Information.
  3. Click the Shareholder Basis button on the California tab.
  4. Click the Stock tab.
  5. From the drop-down list, select the shareholder for whom you want to enter California stock basis information.
  6. Enter the appropriate information for the shareholder's California stock basis.
  7. Click the Loan tab.
  8. From the drop-down list, select the shareholder for whom you want to enter the shareholder's California loan basis information.
  9. Enter the appropriate information for the shareholder's loan basis.
  10. Click the Suspended losses tab.
  11. Enter suspended loss information. UltraTax CS uses this information to determine the California current-year allowed loss and the California disallowed loss to carry forward. UltraTax CS combines the current-year loss and suspended loss amounts and determines the allowable amount based on the available California stock and loan basis.

    Note: You must enter information in the tabs for UltraTax CS to calculate shareholder basis. Also, the Suppress calculation of shareholder basis worksheet field in Screen 1120 and California Screen CAGen must not be marked.

  12. Click Done when you are finished entering information.

00505310, K00505310

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