1120-US: Schedule L not calculating for C and S Corporations (FAQ)

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Question

Why isn't UltraTax CS automatically calculating Schedule L for S and C Corporations?

Answer

UltraTax CS does not calculate Schedule L if the total receipts for the tax year and the year-end total assets are less than $250,000. If you want Schedule L to calculate when assets are less than $250,000, mark the Complete Schedule L when receipts and assets are less than $250,000 field in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab. Note that this option applies to only 1120, 1120-C, and 1120S clients. Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.

Note: To set this option on a return-by-return basis, mark the Complete Schedule L when not required field in Screen L in the Balance Sheet folder. This field is disabled if the respective checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is already marked.

Related topic: 1120 frequently asked questions

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