2017 ULTRATAX CS- Alerts and notices
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MFA required for electronic filing
Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.
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