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Use this tab in the Shareholder Information window to enter information to complete Form 2553, Election by a Small Business Corporation.

To update Form 2553 information, click that shareholder in the Shareholder Information window, and then click the 2553 tab.

Fields & buttons

General information group box

In the statement dialog, enter the number of S Corporation shares acquired, or the percentage of ownership for an entity without stock, and the dates the stock was acquired. This information is printed on Form 2553, Page 2 if there are six or fewer shareholders making the election. If there are more than six shareholders, the information is printed on the Shareholder's Consent Statement Worksheet attached to Form 2553.

Enter the shareholder's tax year end if other than a calendar year end. If this field is blank, UltraTax CS uses a 12/31 default date as the shareholder's tax year end. This information is printed on Form 2553, Page 2 if there are seven or fewer shareholders making the election. If there are more than seven shareholders, the information is printed on the Shareholder's Consent Statement Worksheet attached to Form 2553.

QSST income beneficiary information group box

Enter the Social Security number, name, and address information for the income beneficiary of the Qualified Subchapter S Trust. This information is printed on Form 2553, Part III. If there is more than one Qualified Subchapter S Trust, the information is printed on the Qualified Subchapter S Trust Election Worksheet.

Enter the date in which the stock of the corporation was transferred to the trust. This information is printed on Form 2553, Part III. If there is more than one Qualified Subchapter S Trust, the information is printed on the Qualified Subchapter S Trust Election Worksheet.

Community property spouse group box

Each person having a community interest in the S Corporation stock, where the stock is owned by husband and wife as community property, must consent to the S Corporation election. Enter the Social Security number, name, and address information for a community property spouse. This information is printed on the shareholder's consent section of Form 2553, but a Schedule K-1 is not generated for the community property spouse.

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