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General principles of 1120-C consolidated returns
A consolidated group includes a parent member, subsidiary members, and an optional eliminations member. Only C Corporations are eligible members of an 1120-C consolidated group. Separate returns are needed for each entity, including the eliminations member.
For example, for a consolidated group with a parent and 1 subsidiary, you would create a total of 3 or 4 returns in UltraTax CS, depending on whether or not you want an eliminations member. If you don't want an eliminations member, set up a parent, a subsidiary, and a consolidated return. If you do want an eliminations member, set up a parent, a subsidiary, an eliminations, and a consolidated return.
Most data from the parent, subsidiary, and eliminations returns is combined and displays on the input screens of the consolidated return. You'll need to enter a small amount of data in the consolidated return.
note
You can't include returns filing Form 1120-C, 1120-F, 1120-H, 1120-IC-DISC, 1120-PC, 1120-POL, 1120-REIT, or 1120-SF in consolidated returns.
important
When backing up or restoring a consolidated return, make sure to back up or restore all member returns as well.
Parent
The parent client is the 1st company listed in the consolidation reports. Some information entered in the parent return, such as address, date of incorporation, method of accounting, and product or service, are used to complete parts of the consolidated Form 1120-C.
Subsidiary
The subsidiary returns include any 1120-C Corporations processed in UltraTax CS for the current year. You don't need to prepare these returns differently than any other return. However, consistency among the group members' separate returns ensures a successful consolidated group return. Any overrides entered in 1 of the separate returns appear in the Adjustments column of the consolidated group reports. In certain cases, form overrides will cause the detail not to match the information in the consolidated group reports.
Eliminations
Use the eliminations return to enter inter-company transactions. Enter amounts to add as positive values, and amounts to subtract as negative values. The eliminations return information is listed under the Eliminations column of the consolidation reports. Including an eliminations member as part of a consolidated group is optional.
Adjustments
UltraTax CS makes adjustments automatically for the contributions deduction, net operating loss deduction, net capital loss deduction, dividends received deduction, at-risk and passive loss limitations, Section 1231 losses, and SRLY limitations.
To make adjustments manually, select 
or use F7 in the input screen field you want to adjust. Enter the adjustment in the Group View window. Manual adjustments print in the Adjustments column of the consolidation reports.
or use F7 in the input screen field you want to adjust. Enter the adjustment in the Group View window. Manual adjustments print in the Adjustments column of the consolidation reports.