1120-US: Calculating the federal tax accrual adjustment (FAQ)

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Question

How does UltraTax CS/1120 determine the actual federal tax liability when accruing federal income tax?

Answer

For C Corporations, the actual federal tax liability is the amount on Form 1120, Page 1, Total tax less the amounts on Form 1120, Page 1, Credit for tax paid on undistributed capital gains and Form 1120, Page 1, Credit for Federal tax on fuels.

For S Corporations, the actual federal tax liability is the amount on Form 1120S, Page 1, line 22c less the amount for Form 1120S, Page 1, Credit for Federal tax paid on fuels for S Corporations.


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