Adding an 1120 consolidated return

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  1. Choose File > New Client.
  2. In the New Client dialog, click the 1120 option in the Federal tab. From the drop-down list, choose Consolidated C.
  3. Click the Advanced Properties button.
  4. Click the Group tab.
  5. To add the parent company for the consolidated return, highlight the company name in the C Corporations available to consolidated group list and click the Select Parent button.
  6. To add the eliminations company for the consolidated return, highlight the company name in the C Corporations available to consolidated group list and click the Select Eliminations button.

    Note: Including an eliminations return as part of a consolidated group is optional.

  7. To add a subsidiary company for the consolidated return, highlight the company name in the C Corporations available to consolidated group list and click the Select Subsidiary button. Add additional subsidiary companies as needed.

    Note: To remove a company from the consolidated return, see Removing companies from an existing consolidated return.

  8. Click the Options tab. In addition to the amounts that UltraTax CS automatically combines, you may select additional amounts to be combined for a consolidated return. Mark the checkbox for each category for which all member values should be combined into the consolidated return.

    Note: If a category is not marked, enter the data on the applicable input screens in the consolidated return. Here is a list of categories and the related input screens.

    Category Affected input screens
    Payments PmtExt, Payments section
    Credits GBCGen; Forms 3468, 6765, and 8835 sections
    Taxes J, Other Taxes section
    Section 179 Carryover NOL, Section 179 - Regular Tax section
    NOLAMT, Section 179 - AMT section
    Contributions Carryover NOL, Contributions - Regular Tax section
    NOLAMT, Contributions - AMT section
    Section 1231 Losses Carryover CO, Section 1231 Losses section
  9. Click OK to close the Advanced Properties dialog.
  10. Click OK again to close the New Client dialog.

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