1120-US: Ordering for a deficit in earnings and profits for the IC-DISC (FAQ)

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Does UltraTax/1120 apply an ordering for a deficit in earnings and profits?


No. You need to enter the applicable amount of deficit in earnings and profits in the appropriate field in Screen DISC M. For example, if the deficit in earnings and profits should reduce the Accumulated IC-DISC income account, enter the amount in the Deficit in earnings and profits field in the Schedule M-4 section of Screen DISC M.

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

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