Triva isn't available right now.
Check out the support page for our phone number and hours
Screen SBasis1 - Shareholder Basis (1040)
Show all hidden content
State allocation
To access the State allocation spreadsheet, verify that the following conditions are present in the client then select
Allocation
in this screen.- The client has at least 1 state return.
- You are viewingClient Organizerdata entry or input screen data entry.
- For thePBasis1,PBasis2,SBasis1, andSBasis2screens,Name of entityhas data.
- Only AL, AR, CA, HI, KY, MA, OR, NY and CT (part-year residents and nonresidents only), and WI use state allocation amounts entered in thePBasis1,PBasis2,SBasis1, andSBasis2screens. AMT-relatedState, if differentfields apply to CA.
You can use 2 allocation methods (percentage or amount) to allocate federal amounts to the states in the State allocation spreadsheet.
note
Amount fields to 1 state may not be relevant to another state. Those amount fields that don't apply to a particular state have been turned off (shaded). Amount fields that aren't shaded are considered enabled for the state.
- Percentage:Enter a percentage in XXX.XX format in the 1st field available in the State allocation spreadsheet. Select the state to which this percentage applies and selectApply. The amounts attributable to that state calculate automatically and display in the spreadsheet. For easy reference, the percentage for that state appears with the state name. If enabled, you can change (replace) individual item amounts on the spreadsheet from the calculated amount. Carryover amounts aren't allocated by percent.
- Amount:When a percentage of the federal amounts doesn't apply, you can enter individual item amounts (if enabled) in the spreadsheet for the state. Zero (0) is a valid entry and will prevent the state amount from defaulting to the federal calculated amount. If you leave an individual item amount field blank, the federal amount, if present, is used in the state's calculation.
note
- Unlike income allocations, basis amounts apply to all residency statuses for AL, AR, CA, HI, KY, MA, MT, OR, and WI, and part-year resident and nonresident statuses for NY and CT.
- Percentage allocation is only available in the State allocation spreadsheet. If state amounts are different, enter them in theState, if differentfields provided.
You can print the State allocation spreadsheet in a report format for future reference. Select
Print
or Preview
in the spreadsheet. If licensed, you can also print to FileCabinet CS.Calculate Shareholder Basis Worksheet
Enter
X
to calculate the Shareholder Basis Worksheet and Form 7203, S Corporation Shareholder Stock and Debt Basis Limitation. This field marks automatically when any field in this screen has data. If this field isn't marked, the basis worksheet doesn't calculate, and the losses and deductions aren't limited by the shareholder basis. In addition, if this field isn't marked, the SBasis1
and SBasis2
screen information doesn't proforma.note
UltraTax CS creates a combined basis worksheet for all K1 units with the same employer identification number (EIN). By default, the K1 unit with the lowest unit number is considered the main unit for combining the basis worksheets. You can specify a different K1 unit by entering
X
in Use this unit as main unit for combining units of same entity into one basis worksheet
on the K1
screen.Regulation 1.1367-1(g) election
Enter
X
if the shareholder is making an election in accordance with Regulation 1.1367-1(g). If this field is marked, basis by deductible items (such as ordinary loss and section 179 expense) decrease before nondeductible noncapital expenses. If this field isn't marked, basis by the nondeductible noncapital expenses reduces before the basis by the deductible items. The election statement under Regulation 1.1367-1(g) prints automatically unless Election was made in a prior year
is marked.note
Proforma Note:
the Regulation 1.1367-1(g)
and Election was made in a prior year
fields will proforma.Election was made in a prior year
Enter
X
if the shareholder made an election in accordance with Regulation 1.1367-1(g) in a prior year. If this field is marked, basis by deductible items (such as ordinary loss and section 179 expense) decrease before nondeductible noncapital expenses. The election statement under Regulation 1.1367-1(g) won't print if this field is marked.note
Proforma Note:
This field proformas to the following year.Year election was made
Enter the date the Regulation 1.1367-1(g) election was made. This information reports on the Election Report if
Print Election Report
in the Info
screen in the General
folder has an X
. For more information about tracking elections, see the help for Election History
in the Info
screen.Gain on complete disposal of... (Force)
When
Disposition of activity
in the K1
screen code is 1
(entire disposition), the Schedule D amounts for this activity (from the statement for Schedule for detail
in the Sales of Capital Assets
section of the B&D
screen) are added to the amounts in the Other stock basis decreases
statement in the SBasis1
screen on the basis worksheet. When the code Disposition of activity
in the K1
screen is 2
(disposition of passive activity sold on installment basis), the amount of the installment gain from this activity is added to the Other decreases in basis
statement. Because the stock's basis is used to calculate the stock's gain/loss, the gain from the stock sale isn't part of the stock's basis and the amount of other decreases is needed. If the gain from the disposed activity is an amount other than the calculated amount, use this field to enter a different amount for other decreases. If you enter 0
(zero), an amount isn't produced in the Other decreases in basis
statement.Include capital losses on complete disposal of stock
When the code in
Disposition of activity
in the K1
screen is 1
or 2
, the capital losses for this activity are excluded from the calculation of basis. (Capital losses are in the statement attached to Schedule for detail
in the Sales of Capital Assets
section of the B&D
screen.) The capital loss isn't included in the basis calculation because the stock's basis is a component of the capital loss and shouldn't be considered again in the calculation of basis. To include the losses for the activity from the B&D
screen Sales of Capital Assets
statement, in the losses allocation worksheet for basis, enter X
in this field.