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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Does UltraTax/1120 automatically transfer any information to Schedule M-1 for IC-DISC returns?

Answer

UltraTax/1120 automatically transfers the following items to Schedule M-1.

• Excess of capital losses over capital gain from Schedule D
• Utilization of capital loss carryover from prior years
• Differences between book and tax expenses for depreciation, amortization, section 179, and startup / organization cost
• Differences between book and tax income for the 4797 gain (loss)
• The 50-percent reduction in applicable meals and entertainment expenses from Screens DISC A, and DISC C&E
• Any contributions limited by taxable income or contribution carryovers used
• Tax-exempt interest
• A rounding adjustment, if applicable

Related topic: 1120-US: Form 1120-IC-DISC - Interest Charge Domestic International Sales Corporation FAQs

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