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Balance sheet

Force Schedule L calculations under $250,000

You'll need to force calculations for Schedule L for S and C corporations when total assets are less than $250,000.
UltraTax CS doesn't calculate Schedule L automatically if the total receipts for the tax year and year-end total assets are less than $250,000. You can force Schedule L to calculate these assets.
note
Schedule L is always completed for 1120-F, 1120-IC-DISC, 1120-PC, 1120-REIT, and 1120-SF filers.
Go to
Setup
,
1120 Corporation
,
Federal
 tab,
Other Return Options
, then
Return Presentation
 tab.
Select
Complete Schedule L when receipts and assets are less than $250,000
.
note
  • You can configure this option for individual returns. On the
    L
     window in the
    Balance Sheet
     folder, mark
    Complete Schedule L when not required
    . 
  • You can't mark this field if the respective checkbox in the
    Return Presentation
     tab is marked. To find this field go to
    Setup
    ,
    1120 Corporation
    ,
    Federal
    ,
    Other Return Options
    .

This article applies to:

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

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