Shareholder Information > Change of Ownership dialog (1120)

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Use this spreadsheet to enter change of ownership dates. In the Date column, enter the date the ownership changed and press ENTER. (The date you enter must fall within the S Corporation's tax year.) UltraTax CS automatically adds a column for the date you enter and displays the number of shares owned by each shareholder at the beginning of the year or the previous change of ownership date. You can then update the number of shares for those shareholders whose ownership has changed.

You can add up to twenty-three columns for date changes as described above. As you add date columns, UltraTax CS automatically updates the number of shares in each date column according to the number of shares in the previous date column.

If a shareholder's number of shares is left blank after adding a date column, UltraTax CS treats the shareholder as not owning any shares as of the date entered. Their Schedule K-1 will be marked as final and the shareholder will not proforma to the following year.

To open this dialog, click the Change of Ownership button in the Shareholder tab of the Shareholder Information window.

Fields & buttons

This spreadsheet is used to enter change of ownership dates. In the Date column, enter the date the ownership changed and press ENTER. (The date you enter must fall within the S Corporation's tax year.) UltraTax CS automatically adds a column for the date you enter and displays the number of shares owned by each shareholder at the beginning of the year or the previous change of ownership date. You can then update the number of shares for those shareholders whose ownership has changed.

You can add up to 23 columns for date changes as described above. As you add date columns, UltraTax CS automatically updates the number of shares in each date column according to the number of shares in the previous date column.

If a shareholder has terminated their interest during the tax year or had a qualifying disposition of stock during the tax year, and the S Corporation elects to treat the tax year as if it consisted of two separate tax years under IRC 1377(a)(2) or 1.1368-1(g)(2)(i), enter the termination or disposition dates in these fields. Enter the dates or select from the drop-down list. All dates entered in the Change of Ownership spreadsheet above are automatically available in the drop-down list. UltraTax CS automatically transfers the dates entered in these fields to the Date of termination or qualifying disposition fields in Screen 1377.

Notes

  • UltraTax CS allows you to enter only dates that have already been entered in the Change of Ownership spreadsheet above. UltraTax CS allows up to two termination or disposition periods. The first day of the S Corporation's tax year cannot be used as a termination or disposition date.
  • A Section 1377(a)(2) election statement automatically prints when the Termination, qualifying disposition explanation field is completed in Screen 1377 and one or more shareholders has zero shares at the end of the year. A single election statement is permitted for all terminating elections made for the tax year.
  • A qualifying disposition of stock election statement under Regulation 1.1368-1(g)(2)(i) automatically prints when the Termination, qualifying disposition explanation field is completed in Screen 1377 and all of the shareholders own stock in the S Corporation at the end of the year. A single election statement is permitted for all terminating elections made for the tax year.
  • The detailed Schedule K-1 Statements do not print when a Section 1377 or qualifying disposition of stock election is made. Any separately stated items should be entered in the Supplemental information statement dialog for each shareholder via the View > Shareholder Information > Other Info tab.

Click this button to view the weighted average calculation for each shareholder. To print the Ownership computation report, choose Shareholder > Print Reports and click the Ownership computation option. This report details the shareholders' ownership calculations.

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