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Federal input screens

Shareholder Information > Massachusetts tab > Shareholder Basis dialog > Loan tab

Use the
Loan
 tab to enter Massachusetts shareholder loan basis. UltraTax CS combines the current-year and suspended loss amounts and determines the allowable amount based on the available stock and loan basis.
To update a shareholder's state-specific information, go to the
Shareholder Information
 window, select the
Massachusetts
 tab,
Shareholder Basis
, then the
Loan
 tab.

Fields and buttons

Enter the beginning of year loan basis. If you don't want an amount to appear, enter
0
 (zero). UltraTax CS proformas this amount from the prior-year end-of-year loan basis.
Enter the amount the shareholder loaned to the S Corporation in the current year. If you leave this blank, UltraTax CS uses the amount from the federal worksheet. If you don't want an amount to appear, enter
0
 (zero).
Enter the description and amount for items that increase a shareholder's loan basis. If there are items that increase all of the shareholders' loan basis, open the
MAKSep screen
, enter the description and amount, and then enter
A
 in the
Basis
 column. UltraTax CS then increases the loan basis of each shareholder by an amount equal to the amount entered on the
MAKSep screen
, multiplied by the respective shareholder's ownership percentage.
Enter the description and amount for items that decrease a shareholder's loan basis. If there are items that decrease all of the shareholders' loan basis, on the
MAKSep screen
, enter the description and amount, and then enter
R
 in the
Basis
 column. UltraTax CS decreases the loan basis of each shareholder by an amount equal to the amount entered on the
MAKSep screen
, multiplied by the respective shareholder's ownership percentage.
Enter the amount of outstanding shareholder loan before any current-year loan repayments or current-year loans to the corporation. If you leave this blank, UltraTax CS uses the amount from the federal worksheet. If you don't want an amount to appear, enter
0
 (zero) in this field. UltraTax CS proformas the amount entered, less any current-year loan repayments, plus any current-year loans to the corporation, to the following year.
Enter the S Corporation repayments of the shareholder loan in the current year. If you leave this blank, UltraTax CS uses the amount from the federal worksheet. If you don't want an amount to appear, enter
0
 (zero).
The loan basis restored is calculated on the MA Shareholder's Loan Basis Restored Worksheet. If you want to change the calculated amount, enter an amount.
UltraTax CS calculates the amount of the loan basis used in calculating the gain recognized on the repayment of shareholder loan. To change the calculated amount, enter an amount.
UltraTax CS calculates the pre-apportioned gain recognized on the repayment of shareholder loan. To change the calculated amount, enter an amount. If you don't want any gain, enter
0
 (zero).
For resident shareholders, the calculated gain recognized on the repayment of shareholder loan transfers to the supplemental information statement on Schedule SK-1. For nonresident shareholders, the pre-apportioned gain recognized on the repayment of shareholder loan calculates on the
MA Shareholder’s Basis Worksheet
, but you need to enter an amount here to transfer to the supplemental information statement on Schedule SK-1.
UltraTax CS automatically calculates the net Massachusetts adjustments based on the
MA Shareholder's Basis Worksheet
. If you want to change the amount of adjustment, enter an amount in this field. If you do not want any amount to show on Schedule SK-1, enter
0
 (zero) in this field. When you enter an amount, UltraTax CS suppresses the calculation of the
MA Shareholder's Basis Worksheet
.
UltraTax CS calculates the net federal adjustments based on the federal
Shareholder's Basis Worksheet
. If you want to change the amount of adjustment or if the federal
Shareholder's Basis Worksheet
 is not calculating, enter an amount. If you don't want any amount to show on Schedule SK-1, enter
0
 (zero).
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