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Screen CA1377 - California IRC Section 1377(a)(2) Election (1120)

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Overview

Use this screen to enter information if the corporation has made a terminating election under IRC 1377(a)(2) to treat its taxable year as though it consisted of separate taxable years, the first of which ends at the close of the day on which the shareholder’s entire interest in the S Corporation is terminated.
To make the IRC 1377(a)(2) election, select View, Shareholder Information, Shareholder tab, then select Change of Ownership and enter dates in
1377 Election Dates
. For more information about shareholder information, see Shareholder Information then the Shareholder tab.
The application generates the CA IRC 1377(a)(2) Worksheet, which allocates each item on Form 100S, Schedule K to the IRC 1377(a)(2) periods as entered in the CA1377 screen.
The application also generates for each shareholder the CA Shareholder Allocation per IRC 1377(a)(2) Election Worksheet, which calculates the shareholder’s portion of each Form 100S, Schedule K adjustment item as allocated to each termination period based on the shareholder’s ownership percentage for the respective period. The application transfers the amounts in the
Total
 column of this worksheet to the respective line in column D on Schedule K-1 for each shareholder. This worksheet is included in the shareholder package at print time.

General Information

Date of shareholder termination
These display the dates entered at
First Termination Date
 and
Second Termination Date
 in Shareholder Information. These can't be edited. To change the dates, use Shareholder Information and enter new dates.

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