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Screen MAUCO - Massachusetts Member's Other Carryovers (1120)
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Overview
Use this screen to complete Schedule U-ST, Member’s Separate Computation of Tax; Schedule NOL, Net Operating Loss Carryforward; and the MA Section 1231 Carryover Worksheet for unitary members filing Form 355U. To enable this screen, you must mark the
Principal reporting corporation
checkbox in the Massachusetts tab of the Client Properties dialog in the principal reporting corporation client only.This screen is a multiple-unit input screen. The first unit of the input screen is always for the principal reporting corporation responsible for filing the unitary return for the group. A separate unit of the unitary input screens should be added for each affiliated corporation. For each affiliate, a unique unit number is assigned to the input screens in the Unitary folder.
The application enables you to share Massachusetts Combined Return information from the affiliate returns to the principal reporting corporation’s return for members of a unitary group. For each affiliate to share data with the principal reporting corporation filing Form 355U for the unitary group, you must enter the principal reporting corporation EIN in the Massachusetts tab of the Client Properties dialog. Do not mark the
Principal reporting corporation
checkbox. You must print preview each affiliate’s return to store combined return information for data sharing. Section 1231 Losses
1231 Loss
Enter the amount of 1231 loss from each of the five prior taxable years as a positive number. The application uses the amount in the calculation of Schedule U-ST and the MA Section 1231 Carryover Worksheet.
Prior Year Recaptures
Enter the amount of the 1231 loss previously recaptured as a positive amount. The application subtracts the amount entered here from the amount in the first column to determine if there are 1231 losses yet to be recaptured on Schedule U-ST and the MA Section 1231 Carryover Worksheet.
Carryover Tax Year Ends
Preceding Tax Year End
Enter the tax year-ends only for a short year or year of change. The application calculates each of the member’s year-ends based on the member’s current or preceding tax year-end.
For example, if a member currently has a 12/31/19 year-end, but had changed from a 06/30 year-end in 2017, the fields would appear as indicated in the following table.
Preceding Tax Year | Date | ||
|---|---|---|---|
4th | N/A | ||
3rd | 06/30/17 | ||
2nd | N/A |
The application calculates the member’s preceding year-end dates as follows:
Preceding Tax Year | Date |
|---|---|
4th | 06/30/16 |
3rd | 06/30/17 |
2nd | 12/31/17 |
1st | 12/31/18 |