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 theLwindow in theBalance Sheetfolder, markComplete Schedule L when not required.
- You can't mark this field if the respective checkbox in theReturn Presentationtab is marked. To find this field go toSetup,1120 Corporation,Federal,Other Return Options.
