Screen 1377 - IRC Section 1377(a)(2) or 1.1368-1(g)(2)(i) Election (1120)

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Overview

Enter information in Screen 1377, in the Shr Allocation folder, if the corporation has made a terminating election under IRC 1377(a)(2) or a qualifying disposition election under IRC 1.1368-1(g)(2)(i).

For pre-requisite requirements and detailed examples regarding these elections, see Preparing an 1120S return for a shareholder with a qualifying disposition or termination of interest during the tax year (1120).

Date of termination or qualifying disposition

These fields cannot be edited. To change the dates in these fields, choose View > Shareholder Information > Change of Ownership and enter new dates in the IRC 1377 or 1368 Dates fields.

Termination, qualifying disposition explanation

Enter the manner of the shareholder's termination, or the facts and circumstances showing that the disposition was a qualifying disposition to automatically print the election statement.

Note: A single election statement is permitted for all terminating elections made for the tax year.

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