Calculating Schedule L (1120)

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To calculate Schedule L if total receipts for the year and year-end assets are less than $250,000, follow this procedure. If you do not follow the procedure, UltraTax CS does not calculate Schedule L if total receipts for the tax year and total assets at the end of the tax year are less than $250,000.

  1. Choose Setup > 1120 Corporation.
  2. In the Federal tab, click the Other Return Options button.
  3. In the Return Presentation tab, mark the Complete Schedule L when receipts and assets are less than $250,000 checkbox.

Notes

  • To set this option on a client-by-client basis, mark the Complete Schedule L when not required field in Screen L in the Balance Sheet folder. The field in Screen L is not available to mark if the respective checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is marked.
  • Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.