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Federal input screens

Screen KSep - Shareholders' Separately Stated Items (1120)

Section A / B

The gain or loss on the disposal of Section 179 assets transfers to the shareholder’s basis worksheet for all S Corporation clients when you mark the
Transfer gain (loss) on disposal of 179 assets…
 field in Setup, 1120 Corporation, Other Return Options, then Other tab.
Enter
1
 in the
Transfer gain (loss) on disposal of Section 179 assets...
 field in the KSep screen when the
Transfer gain (loss) on disposal of 179 assets…
 field in Setup, 1120 Corporation, Other Return Options, then Other tab is blank, but you want to transfer the shareholder's share of the net gain or loss to the Shareholder's Basis Worksheet.
Enter
2
 in the
Transfer gain (loss) on disposal of Section 179 assets…
 field in the KSep screen when the
Transfer gain (loss) on disposal of 179 assets…
 field in Setup, 1120 Corporation, Other Return Options, then Other tab is marked, but you do not want to transfer the shareholder's share of the net gain or loss to the Shareholder's Basis Worksheet.
UltraTax CS transfers the data you enter to the Schedule K, line 17d statement, and/or the Schedule K-1 line 17 Other Information statement for all of the shareholders. If you need to allocate an item to one shareholder, enter that item in View, Shareholder Information, then Other Info tab.
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