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Specify which items transfer from Schedule M-1 to Schedule M-2
UltraTax CS transfers Schedule M-1 items that have a code entered in the Sch M-2 column of the following Schedule M-1 statement windows in the
Ms
screen.- Taxable income not on books
- Book expenses not deducted
- Income on books not on return
- Return deductions not on books
If you enter the
A
, O
, or R
code in the Carry book/tax differences to Schedule M-2
field of the Ms
screen, UltraTax CS transfers the tax accrual adjustment, rounding adjustment, and Schedule M-1 book/tax differences for depreciation, depletion, amortization, organization or startup deduction, and Form 4797 gain or loss to Schedule M-2.note
- If you want UltraTax CS to transfer the Schedule M-1 differences to the same Schedule M-2 account for all S Corporation clients, selectSetup,1120 Corporation, theFederaltab,Other Return Options, theReturn Presentationtab, and select the account. Don't complete the Sch M-2 column or theCarry book/tax difference to Schedule M-2field.
- You can force or delete amounts automatically transferred to Schedule M-2 on theStmtS3screen in the Review folder.
This article applies to:
- Product: UltraTax CS
- Return type: 1120 Corporation
- Subject: balance-sheet-m1-m3