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Shareholder Information > 2553 tab
Use the
2553
tab in the Shareholder Information
window to enter information to complete Form 2553, Election by a Small Business Corporation.To update Form 2553 information, select the shareholder in the
Shareholder Information
window, then the 2553
tab.Fields and buttons — General information group box
Stock owned or percentage of ownership
In the
Statement
window, enter the number of S Corporation shares acquired, or the percentage of ownership for an entity without stock, and the dates the stock was acquired. This information is printed on Form 2553, Page 2 if there are 7 or fewer shareholders making the election. If there are more than 7 shareholders, the information is printed on the Shareholder's Consent Statement Worksheet attached to Form 2553.Shareholder's tax year end (If not December 31st)
Enter the shareholder's tax year end if other than a calendar year end. If this field is blank, UltraTax CS uses a 12/31 default date as the shareholder's tax year end. This information is printed on Form 2553, Page 2 if there are 7 or fewer shareholders making the election. If there are more than 7 shareholders, the information is printed on the Shareholder's Consent Statement Worksheet attached to Form 2553.
Fields and buttons — QSST income beneficiary information group box
SSN, Name and Address information
Enter the Social Security number, name, and address information for the income beneficiary of the Qualified Subchapter S Trust. This information is printed on Form 2553, Part III. If there's more than 1 Qualified Subchapter S Trust, the information is printed on the Qualified Subchapter S Trust Election Worksheet.
Date stock transferred to trust
Enter the date in which the stock of the corporation was transferred to the trust. This information is printed on Form 2553, Part III. If there's more than 1 Qualified Subchapter S Trust, the information is printed on the Qualified Subchapter S Trust Election Worksheet.
Fields and buttons — Community property spouse group box
SSN, Name and Address information
Each person having a community interest in the S Corporation stock, where the stock is owned by husband and wife as community property, must consent to the S Corporation election. Enter the Social Security number, name, and address information for a community property spouse. This information is printed on the shareholder's consent section of Form 2553, but a Schedule K-1 is not generated for the community property spouse.