Entering unrelated business income and expense for UltraTax/990 clients: Event activity

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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