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Shareholder Information > Shareholder Basis dialog > Loan tab

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

Fields and buttons

Enter the beginning of year loan basis. 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.
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
screen KSep
 in the Schedule K folder, enter the description and amount, then enter
A
 in the
Basis
 column. UltraTax CS increases the loan basis of each shareholder by the amount entered on the
KSep 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, go to
screen KSep
, enter the description and amount, then enter
R
 in the
Basis
 column. UltraTax CS then decreases the loan basis of each shareholder by the amount entered on the
KSep screen
, multiplied by the respective shareholder's ownership percentage.
UltraTax CS doesn't limit the amount entered by the available basis. Therefore, the amount entered can cause the shareholder's loan basis to be reduced below zero. UltraTax/1120 prints a critical diagnostic message when the shareholder’s basis falls below zero. To avoid this, enter the limited amount.
Enter the amount of outstanding shareholder loan to the S Corporation before any current-year loan repayments or current-year loans to the corporation. 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. UltraTax CS uses the amount to calculate any gain recognized on repayment of the shareholder loan.
The loan basis restored is calculated on the Shareholder's Loan Basis Restored Worksheet. 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 gain recognized on the repayment of shareholder loan. The gain transfers to the
K-1 statements
 for
Other information
. To change the calculated amount, enter an amount. If you don't want any gain to show in the
K-1 statements
, enter
0
 (zero). The
Shareholder’s Basis Worksheet
 doesn't reflect amounts entered here.
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