Enter the corporation’s net receipts for the prior three years. If the corporation has been in existence for fewer than three years, enter the net receipts for the years the corporation was in existence.

Whenever possible, UltraTax/1065 automatically updates the partnership’s small business net receipt fields based on the data entered on Screen History. The partnership's net receipts are calculated according to Temporary Regulation Section 1.448-1T(f)(2)(iv). The application generates an informational diagnostic to review the partnership's net receipts for completeness.

UltraTax/1065 sums the following fields on Screen History and updates the result to the partnership’s net receipts fields on Screen 8990. You will need to modify the partnership’s net receipts fields on Screen 8990 to include the partnership’s gross rental income, if applicable.

• Net gross receipts
• Other page 1 income (loss)
• Interest income
• Ordinary dividends
• Royalties
• Total capital gain (loss)
• Net Section 1231 gain (loss)
• Other income (loss)

Enter X if this is the first year the corporation is in existence, and net receipts as defined under Temporary Regulation Section 1.448-1T(f)(2)(iv) are greater than $26 million. If the net receipts are greater than $26 million, the corporation does not meet the small business taxpayer exception, and the interest expense may be limited.

Enter the corporation’s taxable income as if the interest expense was allowed in full if you wish to overwrite the system calculated amount. 

Include the loss from an excepted trade or business. 

Enter the amount of depreciation, amortization, and depletion included in the taxable income amount entered in the Taxable income field if you wish to overwrite the system calculated amount. 

Enter the amount of capital loss carryover or carryback included in the taxable income amount entered in the Taxable income field if you wish to overwrite the system calculated amount. 

Include the income from an excepted trade or business.