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Federal input screens

Screen DISC E - Deductions (1120)

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Overview

For more information, see Why is UltraTax CS not limiting the dividends received deduction.

Deductions

Export promotion expenses: Salaries and wages
Do not include salaries and wages deductible elsewhere on the return, such as amounts included in officers' compensation, cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan.
Export promotion expenses: Freight
Enter 100% of the freight expenses (except insurance) for shipping export property aboard U.S. flagships and U.S.-owned and U.S.-operated aircraft in this field. The application automatically transfers 50% of the freight expense to line 1 - Export promotion expenses. The portion of freight expenses not deducted as export promotion expenses is automatically reported on line 2 - Other expenses not deducted on line 1.
Export promotion expenses: Compensation of officers
Do not include compensation deductible elsewhere on the return, such as amounts included in cost of goods sold, elective contributions to a section 401(k) cash or deferred arrangement, or amounts contributed under a salary reduction SEP agreement or a SIMPLE IRA plan.
Export promotion expenses: Pension and profit-sharing
The amounts you enter in the
Contribution accrued
 field are included in the pension or profit sharing custom paragraph that prints in the transmittal letter. The pension or profit sharing custom paragraph prints for all applicable returns.
Export promotion expenses: Meals
Enter 100 percent of the expense for meals. The application automatically reduces this amount to 50 percent when calculating Other deductions, and also generates a Schedule M-1 adjustment for the reduction.
Other expenses: Meals
Enter 100 percent of the expense for meals. The application automatically reduces this amount to 50 percent when calculating Other deductions, and also generates a Schedule M-1 adjustment for the reduction.

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