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Search Trust Tax (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Trust Tax

The Capital Sales Category

The options in the
Capital Sales
 category (referred to as Capital Sales options) determine how capital sales transactions are handled by ONESOURCE Trust Tax for various types of accounts. Capital Sales options can be set at the SuperBank, PAN, bulk override and account override levels. The Capital Sales options include:
Option
Description
Suppress all sales with no gain/loss on simple trusts
When this option is set to
Yes
, capital sales with no gain or loss are not reported on Schedule D (Form 1041) for simple trusts.
You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
Comprehensive Asset List
 register.
Suppress all sales with no gain/loss on complex trusts
When this option is set to
Yes
, capital sales with no gain or loss are not reported on Schedule D (Form 1041) for complex $100 and complex $300 trusts.
You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
Comprehensive Asset List
 register.
Suppress all sales with no gain/loss on estates
When this option is set to
Yes
, capital sales with no gain or loss are not reported on Schedule D (Form 1041) for estates.
You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
Comprehensive Asset List
 register.
Suppress all sales with no gain/loss on grantor trusts
When this option is set to
Yes
, capital sales with no gain or loss are not reported on Schedule D (Form 1041) for grantor trusts.
You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
Comprehensive Asset List
 register.
Suppress all sales with no gain/loss on agency
When this option is set to
Yes
, capital sales with no gain or loss are not reported on Schedule D (Form 1041) for agency accounts.
You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
Comprehensive Asset List
 register.
Suppress all sales with no gain/loss on 990 accounts
When this option is set to
Yes
, capital sales with no gain or loss are suppressed from Schedule D (Form 1041) for 990 accounts.
You can suppress sales for specific assets at the asset level (rather than at the PAN or SuperBank level) using the
Comprehensive Asset List
 register.
Suppress all sales for 990T accounts
When this option is set to
Yes
, capital sales reported on Form 990-T are suppressed.
Suppress sales of Maturities
When this option is set to
Yes
, sales of maturities are not reported on the tax return but are printed separately on the worksheet using tax code 952.
Distribution-in-kind-use book value as distribution amount for Accommodation Letter
For in-kind distributions, this option determines whether the book value or the sales price is used as the distribution amount on tax returns and accommodation letters.
Select
Yes
 to use the book value as the distribution amount. Select
No
 to use the sales price as the distribution amount.
In-kind distributions are reported on tax returns and accommodation letters based on whether the sale is coded with an accommodation payment tax code. A sale that is coded with an accommodation payment tax code is not reported on Schedule D.
note
This option has a matching option in the
Enhanced 1099
 category.
Suppress all Schedule D detail on non-990 accounts
This option applies to all accounts except 990 accounts.
When this option is set to
Yes
, capital sales detail, which supports Schedule D, is not generated. The totals for the sales price, cost basis, and the gain/loss information is printed on Schedule D.
Suppress all Schedule D detail on 990, 990EZ, and 990PF accounts
Capital sales detail, which supports Schedule D (Form 1041), is suppressed when this option is set to
Yes
 and Schedule D (Form 1041) is generated for a 990 account that files Form 990, 990-EZ or 990-PF.
Suppress the printing of Schedule D on 990, 990EZ, and 990PF accounts
Schedule D (Form 1041) is suppressed when this option is set to
Yes
 and Schedule D (Form 1041 is generated for a 990 account that files Form 990, 990-EZ or 990-PF.
Form 990/990-EZ - use book value as the cost basis of the sale
The book value is used for the cost basis of a sale when this option is set to
Yes
 and Form 990 or 990-EZ is generated for a 990 account.
Print VAR on Schedule D for acquired date when a sale has multiple tax lots
ONESOURCE Trust Tax groups tax lots by capital sales treatment when multiple tax lots exist for a sale. This option determines what is used as the acquired date when multiple tax lots exist.
When this option is set to
Yes
, ONESOURCE Trust Tax uses the text, VAR, as the acquired date. When this option is set to
No
, ONESOURCE Trust Tax uses the acquired date on the first lot encountered for a sales category even though all sales in the lot may not have the same acquired date.
Automated Wash Sale Identification
This option determines when wash sales are identified. Select
Identify when processing any type of request from the Process screen
 to identify wash sales even when estimates are processed.
note
This option has a matching option in the
Enhanced 1099
 category.
Calculate Return of Capital Cost Basis Adjustment
The default selection is
Do not calculate return of capital basis adjustment from factors
.
Set this option to
Calculate return of capital basis adjustment from factors
 to turn on the return of capital adjustment calculation. The calculation is made at the tax lot level for sales in the same tax year. The fund factor amount per share in tax code 4 (Nondividend distribution) is used to calculate the return of capital adjustment.
note
Only factors to tax code 4 are considered for the calculation. Nonfactored transactions in tax code 4 are ignored.
A return of capital adjustment is calculated from the first day of the tax year or the acquisition date (whichever is later) through the sale's trade date based on the fund factor's ex-dividend date (if available). If the ex-dividend date is unavailable, the payment or record date is used. The units in each tax lot are multiplied by each tax code 4 factor within the date range.
The following guidelines apply when the return of capital adjustment calculation is turned on:
  • The calculation is triggered by a processing request (for example, a worksheet, projection or tax return processing request).
  • The return of capital adjustment is not calculated if a tax lot is marked as
    Unknown Cost
     or
    Do Not Calc
    , has a missing acquisition date, or has no units.
  • Wash sale identification occurs after the return of capital adjustment is calculated.
  • For main and subaccounts, the calculation is made at the tax lot level in the individual subaccounts. The amount per share is applied to the units in the tax lot records for each sale.
  • Since the free receipt date is not available for free receipt tax lots, a further review may be required to determine if the return of capital adjustment should be limited to a portion of the tax year.
note
This option has a matching option in the
Enhanced 1099
 category.