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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.

Question

How can I mark an activity as part income, part corpus, and then what happens when I enter a corpus percentage in a field or statement?

Answer

If an activity, such as a rental unit, should be shown as partly belonging to income and partly to corpus, enter the percentage of the activity that belongs to corpus in the Corpus field.

A similar entry method applies to interest, dividends, other income, and deductions. To split these, enter the percentage that is allocable to corpus in the appropriate statement.

Items marked as corpus are not included in the calculation of fiduciary accounting income. UltraTax/1041 uses accounting income to determine the amounts for Schedule B, lines 9 and 10 for simple trusts or when income percentages are entered in the View > Beneficiary Information > Federal tab.

Related topic: 1041-US: Accounting income and corpus FAQs

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