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Federal input screens

Screen Ctrl - Controlled Group Information (1120)

Entering controlled group information

Allocation of the exemptions and limitation items can be automatically calculated based on a percent of taxable income, divided evenly among all group members, or specially allocated.
For more information refer to entering a corporation as a controlled group.

Data Sharing

General and financial data is shared between corporate members of a controlled group. For more information, refer to data sharing overview and how to share data between members of a controlled group.

Controlled Group Member 1

The application does not allocate the accumulated earnings credit or additional tax when the controlled group qualifies as a brother-sister group with less than 80-percent ownership by the same five or fewer persons (code
S
).
The application compares the date entered in this field to the date entered in the
Date return filed
 field in the Pen screen to determine if there is at least one year remaining on the statute of limitations.

Allocations

When data is entered in the statement, only lines 1 and 2 under Part I of Schedule O complete. No other information is required to be completed on the Schedule O.
This field does not apply to the section 179 limitation. To allocate the section 179 limitation among members of the controlled group, enter the desired amount in the
Section 179 limitation
 field.
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