Enter a corporation as a controlled group
If an 1120 client qualifies as a member of a controlled group, use the following procedure to assign the corporation its share of the group's credit, exemption, and limitation items. Also, use this procedure to prepare Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group.
- Open the client by selectingFile, thenOpen Client. Select theGeneralfolder in the folders block, then select the1120tab.
- In the 1120 Information section, enterXin thePart of controlled groupfield to indicate that this client qualifies.
- Select theControlled Groupsfolder, then select theCtrltab. Note that the information you enter in theControlled Group Member 1section of theCtrlscreen transfers to the current client's return as well as to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group. Data entered in theCtrl-2screen transfers only to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group in the current client.
- UltraTax CS automatically completes most of the general information in theControlled Group Member 1section based on data entered in the1120screen. You can edit the general information in this screen.
