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Federal input screens

Screen 1120 - Corporate Income Tax Return

1120 and 1120-S Information

Enter IRS special processing information, including disaster relief designations, in this field. The application displays the information you enter in this field at the top of the filed return.
Enter other processing information (not including disaster relief) for returns that are paper filed. The application will
not
 include the information you enter in this field in an electronically filed return.
Enter
X
 if this is a subsequent return filed within the filing period (including extensions). A superseding return is considered the original return because it replaces any other return previously filed either electronically or on paper.
Enter
X
 if the firm had a change of name or address during the tax year. This will also mark equivalent checkboxes on state returns, if applicable.
Enter
X
 if the corporation is a qualified farmer or rancher and has received qualified conservation contributions subject to 100-percent taxable income limitation from a pass-through activity.
Enter
X
 if the corporation has made an election under section 1.163(j)-9 in the prior year, or is making the election in the current year. The application profomas this field from the prior year.
The Section 163(j) election is an irrevocable election. If the election was made in the prior year, it does not need to be made again. Enter data in the
Section 1.163(j)-9 election
 statement dialog in the Elect screen in the Elections folder to make this election in the current year.
The application uses this information to annualize tax for a short year return. You must manually calculate the estimated taxes for the subsequent year.
The application calculates the
Tax year beginning
 field as twelve months prior to the date entered in the
Tax year ending
 field. If the return is a short tax year or a 52-53 week year for the current tax period, enter the beginning and ending dates for the tax period.
The application calculates this field based on the date in the
Tax year ending
 field. The date is used in the Estimate filing instructions and on the Estimated Tax Payments Worksheet.

Depreciation Information

Use these fields when you calculate depreciation for a corporation that has had, or currently has, a short tax year.
For more information on what to enter in each of these fields, refer to entering prior year ends, if different.

1120-S Information

On Form 1120-S, Box G is marked "Yes" when the S election effective date is the same as the tax year beginning date.
Choose the appropriate code as shown below. If more than one activity is covered by the at-risk rules, also attach the statements required by the Form 1120-S instructions for at-risk reporting to each Schedule K-1.
  • Enter
    1
     if the S Corporation has both an aggregated and multiple at-risk activities. UltraTax CS marks the field on Form 1120-S, line J(1) and on the Schedule K-1, line 18.
  • Enter
    2
     if the S Corporation has an aggregated at-risk activity only. UltraTax CS marks the field on Form 1120-S, line J(1).
  • Enter
    3
     if the S Corporation has multiple at-risk activities only. UltraTax CS marks the field on Schedule K-1, line 18.
Choose the appropriate code as shown below. If more than one activity is covered by the passive activity rules, also attach the statements required by the Form 1120-S instructions for passive activity to each Schedule K-1.
  • Enter
    1
     if the S Corporation has both an aggregated and multiple passive activities. UltraTax CS marks the field on Form 1120-S, line J(2) and on the Schedule K-1, line 19.
  • Enter
    2
     if the S Corporation has an aggregated passive activity only. UltraTax CS marks the field on Form 1120-S, line J(2).
  • Enter
    3
     if the S Corporation has multiple passive activities only. UltraTax CS marks the field on Schedule K-1, line 19.

1120 Information

Entering a corporation as a controlled group (1120).
If you mark this field, a net operating loss carryback does not occur on the NOL Worksheet or Form 1120X.
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