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.

Question

How is the principal amount of loan owed to shareholder at the end of the year calculated?

Answer

The principal amount of loan owed to the shareholder at the end of the year is displayed on page 1 of the Shareholder's Basis Worksheet. UltraTax CS/1120 calculates this field as follows:

• Beginning of year shareholder loan, plus
• Current year loans to the S Corporation, less
• Current year loan repayments on the shareholder loan

The data for the above fields is found on the Loan tab in View > Shareholder Information > Other Info tab > Shareholder Basis. UltraTax CS/1120 prints an informational diagnostic message if the sum of the principal amount of loan owed to all shareholders does not agree with the loans from shareholders on Form 1120S, Schedule L, line 19(d). Review the fields listed above, and ensure the data entry is complete.

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