1120-US: Tracking all elections taken by clients in current and prior year (FAQ)

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Question

How can I track all elections taken by clients in current and prior tax years?

Answer

The Election history statements in UltraTax/1120 can be used to record the details of the elections taken in the prior years. UltraTax CS proformas the information for the current-year elections in addition to the information entered in the Election history statements. Each statement contains the following fields.

The Election history statements are in the following input screens.

Folder Screen
Farm F
Farm Rental 4835
Elections* Elect*

* The Election history statement in Screen Elect is used to track non-activity based elections.

Enter X in the Print election report field in Screen Elect to print a report of the current-year elections and the information contained in all Election history statements.

Related topic: Tax elections FAQs

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