Track prior C Corp losses for S Corp built-in gain tax
UltraTax CS/1120 tracks the prior C Corporation net operating loss, capital loss, and general business credit carryovers in the S Corporation client.
Enter the prior C Corporation carryover information in the screen in the
Carryovers
folder. UltraTax CS transfers this information to the carryover worksheet in the D
folder.Enter the total amount of prior C Corporation carryovers that's available to offset the S Corporation built-in gain tax in the
Built-In Gains (S Corp)
section of the D
screen. The amounts entered in these fields should agree to the remaining C Corporation carryover available at the beginning of the year.UltraTax CS/1120 reflects the amount of C Corporation carryover used to offset the S Corporation built-in gain tax in the carryover worksheet in the
D
folder.
