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Federal input screens

Screen 6198OG - At-Risk Limitations - Oil and Gas (1120)

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Overview

The application automatically combines information entered throughout the return and determines the allowed losses for an activity.
Information you enter in the
Detail Schedule
 statement dialog on the D screen is connected to an activity using the form / schedule and unit number business activity codes. When these codes agree with the 6198 screen, the application invokes the at-risk calculations, potentially limiting the losses.

General Information

Description
This field is mandatory.
Total amount of losses deducted in prior years beginning after 1978
Use this field to enter the limit to which the prior losses are recognized as income due to reductions in the amount at-risk to less than zero for this activity. If you leave this field blank, UltraTax/1120 assumes that there is no limit to the recapture amount. Enter
0
 (zero) if there is no amount subject to recapture.

Amount At-Risk

Beginning at-risk amount
When you enter the at-risk basis amount for subsidiaries of consolidated returns, enter the lesser of either the amount the parent is at-risk in the subsidiary, or the amount the subsidiary is at-risk in the activity.
Since Effective Date or the end of your prior tax year
Enter the increase and decrease in at-risk since the effective date for a detailed calculation when code 2 is entered in the
Beginning at-risk code
 field; or enter the increase or decrease since the end of your prior tax year for the simplified calculation or for the detailed calculation when code 3 is entered in the
Beginning at-risk code
 field.

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