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Screen CAL - California Balance Sheet per Books (1065)

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Schedule L

Other current assets
Relevant data from the federal L screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Mortgage and real estate loans
Relevant data transfers from the federal L screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Other investments
Relevant data transfers from the federal L screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Buildings and other depreciable assets / … / Less accumulated amortization
UltraTax CS uses amounts entered in the Book column of the detailed asset data entry as the default amounts for Schedule L (or the State column if no book information is entered). The amounts are displayed directly on Page 5.
To change amounts for the California return, enter data in the boxes in the
Beginning of Year
 or
End of Year
columns in this input screen. Use the
Detailed Data Entry
 and
Force
columns for any adjustments.
Other assets
Relevant data transfers from the federal L screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Maximum amount for Schedule L rounding
Enter an out-of-balance threshold, or enter zero if you don't want any automatic adjustment to be made. UltraTax CS will perform an out-of-balance adjustment up to the amount specified. If left blank, UltraTax CS defaults to the amount entered in
Maximum amount for Schedule L rounding
 entered in the federal L screen.
If the difference between assets and liabilities plus partner’s capital is less than the out-of-balance threshold, UltraTax CS will automatically adjust cash or accounts payable to correct the out-of-balance condition. UltraTax CS will adjust accounts payable if the accounts payable end-of-year balance is greater than
0
 (zero) and the cash end-of-year balance is
0
 (zero). Otherwise, the adjustment will be made to cash. However, UltraTax CS won't perform any adjustment if Schedule L is out of balance by more than the out-of-balance threshold.

Schedule O

Amount of liquidation gains recognized to capitalize the LLC
Enter the recognized gains from liquidations used to capitalize the limited liability company in the statement. If more than one item is entered in the statement, UltraTax CS automatically prints See Schedule in the Name(s) of entity liquidated box on Form 568, Page 5, Schedule O and prints all of the detail entered in the statement to a printable statement attached to the return. Schedule O is only completed if this is an initial return.

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