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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 does UltraTax CS/1120 determine if the financial institution is considered a large bank?

Answer

Per Regulation 1.585-5(b)(1), an institution is a large bank if its average total assets are greater than $500,000,000 or if the institution is a member of a parent-subsidiary controlled group and the average total assets of the group are greater than $500,000,000 for the taxable year or any prior-taxable year after 12/31/86.

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