2017 ULTRATAX CS- Alerts and notices
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Internal Employees
Question
Why is information appearing on Schedule D (Form 1120) instead of Schedule D (Form 1041)?
Answer
UltraTax CS defaults to calculating Form 990-T as a corporation if the type of organization entered on Screen 990 is C or O, except for a few section 501(c) type organizations that are considered trusts.
- If Form 990-T uses the corporate tax rates to calculate the unrelated business income tax, then the Schedule D (Form 1120) is used.
- If Form 990-T uses the trust tax rates, then the Schedule D (Form 1041) is used for sale of capital asset information.
Use the Organization type field on Screen 990T to identify the organization as a corporation (code 1) or trust (code 2, 3, or 4).
Related topic: 990-US: Sale information FAQs (990)