Entering a corporation as a controlled group - Special Allocation Method

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  1. In the Special Allocation fields, enter the client's share of the controlled group's corporate regular tax brackets. Enter zero in these fields if applicable. Leave these fields blank if you want to allocate the amounts based on the ratio of taxable income. Likewise, leave these fields blank if you marked the Allocate all amounts equally based on the number of members in the group field.
  2. In the Accumulated earnings credit field, enter the client's share of the controlled group's accumulated earnings credit. Enter zero in this field if applicable. This amount transfers only to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group and is not used to complete the client's return. Leave this field blank if you want to allocate the amount based on the ratio of taxable income. Likewise, leave this field blank if you marked the Allocate all amounts equally based on the number of members in the group field. Note that UltraTax CS assumes that the total accumulated earnings credit available to the group is $250,000.
  3. In the AMT exemption field, enter the client's share of the controlled group's alternative minimum taxable income exemption up to $40,000. Enter zero in this field if applicable. Leave this field blank if you want to allocate the amount based on the ratio of taxable income. Likewise, leave this field blank if you marked the Allocate all amounts equally based on the number of members in the group field.
  4. Enter the client's share of the $500,000 limitation in the Sec 179 limitation field. Enter zero in this field if applicable.
  5. Enter the applicable portion of the $25,000 credit limit for the general business credits in the General business credit limitation field. Enter zero in this field if applicable.
  6. Enter the client's share of the controlled group's five percent additional tax bracket, up to $235,000. Enter zero in these fields if applicable. Leave these fields blank if you want to allocate the amount based on the proportionate method.
  7. Enter the client's share of the controlled group's three percent additional tax bracket, up to $3,333,333. Enter zero in these fields if applicable. Leave these fields blank if you want to allocate the amount based on the proportionate method.
  8. Repeat steps 1 through 7 in this procedure to enter information for additional controlled group members in Screen Ctrl-2. UltraTax CS uses all of the data entered in Screens Ctrl and Ctrl-2 to complete Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group. To enter three or more members, choose Add Unit from the Edit menu to add another unit of Screen Ctrl-2. For more information, see Multiple-unit input screens.
  9. After entering all controlled group information, proceed to the next input screen.

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