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This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: Consolidations

Prepare a Texas Combined Franchise tax return

Follow these steps to prepare a Texas Combined Franchise tax return.
  1. Add Texas to the parent client and the subsidiaries. Complete all data entry for these member clients. Make sure each member’s state return is complete and correct before proceeding to the next step.
    note
    You need to complete apportionment data entry for each member client, even if the client is 100 percent in-state. Select
    View
    , then
    Apportionment
     to enter apportionment data.
  2. In the parent client return, select
    File
    ,
    Client Properties
    , the
    Texas
     tab, and mark the
    Reporting entity of unitary group
     checkbox. Select
    OK
     to close the Client Properties window. A Unitary input screen folder is now available in the list of input screen folders.
  3. In each subsidiary client's return, select
    File
    ,
    Client Properties
    , the
    Texas
     tab, and enter the EIN of the parent client in the
    Parent EIN
     field.
  4. Print preview each subsidiary client return to prepare the member state return information to share data into the reporting entity return.
  5. Open the reporting entity client return and go to the Texas input screens. The Data Sharing – Pending Updates window opens, listing each subsidiary client available to share data.
    note
    A client isn't listed in the Data Sharing window if you didn't complete both steps 3 and 4, or if the member client doesn't have a numeric EIN entered in the
    Federal
     tab in
    File
    ,
    Client Properties
    .
  6. Select the 1st member then
    Add Unit
    . A list of the data to import into the reporting entity client return displays. Select
    Accept and import new source data
    , then
    Accept
    . Repeat this step for each member of the unitary group.
    note
    If the reporting entity return includes members not available to share data, you can add a unit of the Unitary input screens by selecting
    Edit
    , then
    Add Unit
     in the TXAdjA screen.
  7. Select the Texas Unitary input screen folder. There's now a separate unit of the Unitary input screens for each member client with shared data in step 6.
  8. Review each unit of the Unitary input screens and complete any necessary data entry.
  9. Print and review the Texas Combined Franchise tax return.

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