2017 ULTRATAX CS- Alerts and notices
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IRS filing deadline update
The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.
Question
Does UltraTax/1120 track the prior C Corporation losses used to offset the S Corporation built-in gain tax?
Answer
UltraTax/1120 tracks the prior C Corporation net operating loss, capital loss, and general business credit carryovers in the S Corporation client. Enter the prior C Corporation carryover information in the applicable screen in the Carryovers folder. UltraTax/1120 transfers this information to the respective carryover worksheet in the D folder.
Enter the total amount of prior C Corporation carryovers that is available to offset the S Corporation built-in gain tax in the Built-In Gains (S Corp) section of Screen D. The amounts entered in these fields should agree to the remaining C Corporation carryover available at the beginning of the year.
UltraTax/1120 reflects the amount of C Corporation carryover used to offset the S Corporation built-in gain tax in the applicable carryover worksheet in the D folder.
Related topic: 1120-US: Built-in gain tax calculation for S Corporations FAQs