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.
- SelectSetup, then1120 Corporation.
- In theFederaltab, selectOther Return Options.
- In theReturn Presentationtab, markComplete Schedule L when receipts and assets are less than $250,000.note
- To set this option for individual clients, go to theLscreen and selectBalance Sheet. MarkComplete Schedule L when not required.
- You can't check this field if the respective checkbox in theReturn Presentationtab is marked. To find this field go toSetup,1120 Corporation,Federal, thenOther Return Options.
- Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.
