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 does information appear or not appear in Part I, column c?

Answer

• Information appears in column c for the calculation of Adjusted Net Income based on the type of private foundation indicated on Screen 990PF. The application defaults to calculating the return as a private operating foundation if no entry is made in the Type of private foundation field in Screen 990PF. Enter 1 in this field to indicate that this is a non-operating private foundation with no charitable activity income or 2 for a non-operating private foundation with charitable activity income.
• If the organization is classified as a private operating foundation under section 4942(j)(3) or (5), the application completes all applicable lines of column c.
• If the organization is a non-operating private foundation with no charitable activity income (code 1), the adjusted net income calculation is not required and column c remains blank.
• If the organization is a non-operating private foundation with charitable activity income (code 2), a modified adjusted net income calculation is required. The application completes only revenue lines 10 and 11 and the related expenses. The balance of column c is not completed.

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