1120-US: Automatic allocation to members of a controlled group (FAQ)

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Question

Will UltraTax/1120 automatically allocate the tax brackets, exemptions, and limitations to members of the controlled group?

Answer

Allocations of the tax brackets, exemptions, and limitation items can be automatically calculated based on a percent of taxable income, divided evenly among all group members, or specially allocated.

To automatically calculate the tax brackets, exemptions, and limitation items based on a percent of the group's taxable income, enter the appropriate amounts in each Member's total taxable income field in Screen Ctrl-2.

To divide the tax brackets, exemptions, and limitation items equally among the members, enter X in the Allocate all amounts equally based on the number of members in the group fields. The allocations are calculated based on the number of members you entered in Screen Ctrl-2.

To specially allocate the tax brackets, exemptions, or limitation items in some other manner, manually calculate the allocations and complete the Special Allocations fields for each member.

Related topic: 1120-US: Controlled group FAQs

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