Entering a corporation as a controlled group (1120)

Alerts and notices

If an 1120 client qualifies as a member of a controlled group, use the following procedure to assign the corporation its share of the group's credit, exemption, and limitation items. Also, use this procedure to prepare Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group.

  1. Open the desired client (File > Open Client). Click the General folder in the folders block and then click the 1120 tab.
  2. In the 1120 Information section, enter X in the Part of controlled group field to indicate that this client qualifies.
  3. Click the Controlled Groups folder and then click the Ctrl tab. Note that the information you enter in the Controlled Group Member 1 section of Screen Ctrl transfers to the current client's return as well as to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group. Data entered in Screen Ctrl-2 transfers only to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group in the current client.
  4. UltraTax CS automatically completes most of the general information in the Controlled Group Member 1 section based on data entered in Screen 1120. If desired, edit the general information in this screen.