1120-US: Ordering for actual distributions for the IC-DISC (FAQ)

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Question

Does UltraTax/1120 apply an ordering for actual distributions?

Answer

No. You need to enter the applicable amount of actual distribution in the appropriate Amount treated as distributed from fields in Screen DISC J in the 1120-IC-DISC folder. Also, enter the applicable amount of actual distribution in Screen DISC M in the Balance Sheet folder. For example, if the actual distribution was made from previously taxed income, enter the amount in the Amount treated as distributed from: Previously taxed income field in Screen DISC J, and in the Other decreases field in Screen DISC M.

Related topic: 1120-US: Form 1120-IC-DISC - Interest Charge Domestic International Sales Corporation FAQs

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