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.

Follow this procedure to enter unrelated business income and expense for an event activity.

1. Open the desired client (File > Open).
2. Click the Direct folder in the folders block, and then click the tab for Screen Event (990E) or EventPF (990PF).
3. In the Unit field, if a number is not entered, the information does not transfer to the return.
4. In the Description field, enter a description of the activity.
5. In the General Information section, enter the following information.
   • In the Type of income field, enter the code that best describes the income or select the code from the fieldview.
   • In the Unrelated business code field, enter the code that best describes the income or select the code from the fieldview.

   The information does not appear on the 990-T return if you do not enter a code in the Unrelated business code field.

6. In the Form 990-T Information section, enter a code in the Form 990-T code field if you want the information to appear in one of the schedules on Form 990-T. If a code is not entered, the information is reported on Form 990-T, Page 1. This section is applicable only if an unrelated business code is entered in the General Information section in Screen Event (990E) or EventPF (990PF).
7. In the Schedule E - Unrelated Debt-Financed Income; Schedule F - Controlled Organizations; Investment, Exploited Activities, and Advertising Income section (990E); or Exploited Activities and Advertising Income section (990PF), enter information as necessary to complete the schedules on Form 990-T.
8. Click the Screen Event-2, Event-3, or Event-4 tab (990E) or Screen Even-2PF tab (990PF).
9. In the Income section in Screen Event-2 (990E) or Screen Even-2PF (990PF), enter gross receipts, advertising income, circulation income, other income, returns and allowances, and contributions received.
10. In the Cost of Goods Sold section in Screen Event-2 (990E) or Screen Even-2PF (990PF), enter inventory information for the unrelated business activity.
11. In the Directly Related Expenses section in Screens Event-3 and Event-4 (990E), or Screen Even-2PF (990PF), enter expenses in the input screen or in the statement dialogs attached to the fields.

Related topic: Entering unrelated business income and expense for UltraTax/990 clients

Was this article helpful?

Yes No

Submit