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

Why isn't the consolidated member information statement on Form 7004 completed for my consolidated S Corporation return?

Answer

UltraTax CS marks Form 7004, line 3 if the organization is a corporation and the common parent of a group that intends to file a consolidated return. A schedule listing the name, address, and EIN of each member covered in the application for extension is also attached to Form 7004.

When a parent S Corporation elects to treat its subsidiary as a Qualified Subchapter S Subsidiary (QSSS), the subsidiary is deemed to liquidate and no longer exist for federal tax purposes. The subsidiary is treated as a disregarded entity of the S Corporation parent. Therefore, the statement for consolidated member information on Form 7004, line 3 is not required for an S Corporation with QSSS members. The line 3 statement is only required for a C Corporation consolidated return.

Was this article helpful?

Yes No

Submit