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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

How do I prepare Schedule O when some members of the control group use a calendar year and others use a fiscal tax year?

Answer

Each member of the controlled group uses the December 31 date included in that member's tax year as the testing date to determine whether amounts of certain tax benefits will be limited with regard to a particular tax year.

When a corporation qualifies as a component member on a particular December 31 date, the corporation will be required to limit the use of certain tax benefits with regard to the tax year governed by the applicable December 31 testing date applied to that group.

Related topic: 1120-US: Controlled group FAQs

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