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Balance sheet

Calculate Schedule L

Follow these steps if total receipts are less than $250,000. This includes receipts for the year and year-end assets. You'll need to complete these steps if you want UltraTax CS to calculate Schedule L when receipts and assets are less than $250,000.
  1. Select
    Setup
    , then
    1120 Corporation
    .
  2. In the
    Federal
    tab, select
    Other Return Options
    .
  3. In the
    Return Presentation
    tab, mark
    Complete Schedule L when receipts and assets are less than $250,000
    .
    note
    • To set this option for individual clients, go to the
      L
       screen and select
      Balance Sheet
      . Mark
      Complete Schedule L when not required
      .
    • You can't check this field if the respective checkbox in the
      Return Presentation
       tab is marked. To find this field go to
      Setup
      ,
      1120 Corporation
      ,
      Federal
      , then
      Other Return Options
      .
    • Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: balance-sheet-m1-m3

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