New (tax) year, new help!

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

Will the application automatically adjust the IRC 382 limitation due to recognition of other pre-change items?

Answer

Unfortunately, the application does not currently have the ability to automatically determine when other pre-change items are being recognized. Enter any increase or decrease to the annual limitation that is applicable in the current tax year due to recognition of built-in gains or losses or utilization of pre-change net capital losses in the Current year adjustments to annual limit due to recognition of other pre-change items field on Screen 382NOL. Items entered as a positive number will increase the annual limit. Decreases to the annual limit should be entered as a negative number.

Related topic: 1120-US: Net operating loss deduction FAQs

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