New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Where do I enter shareholder losses that were disallowed by basis limitations in prior years?

Answer

Prior-year losses that were disallowed due to the shareholder basis limitations are entered in the Suspended Losses tab in View > Shareholder Information > Other Info tab > Shareholder Basis dialog.

If the S Corporation return was prepared in UltraTax CS in the prior year, and the shareholder's limited losses will proforma in the following year.

Related topic: 1120-US: Shareholder basis calculations FAQs

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