1120-US: Form 1120-C deductions being limited (FAQ)

Show expandable text

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 are the other deductions being limited by UltraTax CS/1120?

Answer

Any patronage source losses cannot be used to offset nonpatronage income. UltraTax CS/1120 automatically generates an adjustment to reduce other deductions when patronage source losses exceed patronage source income reported on Schedule G.


Related articles

1120-US: Form 1120-C - Cooperative associations FAQs

Was this article helpful?

Thank you for the feedback!