Entering stock basis, loan basis, and suspended loss information for shareholders

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  1. Choose File > Open Client to open the desired S Corporation client.
  2. Choose View > Shareholder Information.
  3. Click the Shareholder Basis button on the Other Info tab.
  4. Click the Stock tab.
  5. From the drop-down list, select the shareholder for whom you want to enter stock basis information.
  6. Enter the appropriate information to calculate the shareholder's stock basis.
  7. Click the Loan tab.
  8. From the drop-down list, select the shareholder for whom you want to enter loan basis information.
  9. Enter the appropriate information to calculate the shareholder's loan basis.
  10. Click the Suspended losses tab.
  11. Enter suspended loss information. UltraTax CS uses this information to determine the current-year allowed loss and the disallowed loss to carry forward. UltraTax CS combines the current-year loss and suspended loss amounts and determines the allowable amount based on the available stock and loan basis.

    Note: You must enter information in the tabs for UltraTax CS to calculate shareholder basis. Also, the Suppress calculation of shareholder basis worksheet field in Screen 1120 must not be marked.

  12. Click Done when you are finished entering information.

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