Screen 1377 - IRC Section 1377(a)(2) or 1.1368-1(g)(2)(i) Election (1120)

Overview

Enter information in Screen 1377, in the Shr Allocation folder, if the corporation has made a terminating election under IRC 1377(a)(2) or a qualifying disposition election under IRC 1.1368-1(g)(2)(i).
For pre-requisite requirements and detailed examples regarding these elections, refer to reparing an 1120-S return for a shareholder with a qualifying disposition or termination of interest during the tax year (1120).
These fields cannot be edited. To change the dates in these fields, choose View, Shareholder Information, then Change of Ownership and enter new dates in the
IRC 1377 or 1368 Dates
fields.
Enter the manner of the shareholder's termination, or the facts and circumstances showing that the disposition was a qualifying disposition to automatically print the election statement.
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