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Federal input screens

Shareholder Information > Cancellation of Debt Income dialog (1120-VA)

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Use the fields in this window to enter Virginia-specific shareholder information for Schedule VK-1.
To open this window, you must have a client with Virginia attached. Select
View
, then
Shareholder Information
 from the main menu. In the Shareholder Information window, select the
Virginia
 tab, then
Cancellation of Debt Income
.

Fields & buttons

Cancellation of debt income group box
Federal CODI Deferred
Enter the amount of section 108(i) deferred income from the past year's return. UltraTax CS uses this amount to calculate the CODI adjustment on the Schedule VK-1. UltraTax CS proformas this amount to next year.
Federal CODI Recognized
Enter the amount of section 108(i) recognized from the past year's returns. UltraTax CS uses this amount to calculate the CODI adjustment on the Schedule VK-1. UltraTax CS proformas this amount to next year.
Virginia Addition
Enter the amount of section 108(i) deferred income from the past year's return. UltraTax CS uses this amount to calculate the CODI adjustment on the Schedule VK-1, Other additions. UltraTax CS proformas this amount to next year.
Virginia Subtraction
Enter the amount of section 108(i) recognized from the past year's return. UltraTax CS uses this amount to calculate the CODI adjustment on the Schedule VK-1, Other subtractions. UltraTax CS proformas this amount to next year.
Original issue discount expense group box
Federal OID Deferred
Enter the amount of section 108(i) original issue discount deferred from the past year's return. UltraTax CS uses this amount to calculate the OID adjustment on the Schedule VK-1. UltraTax CS proformas this amount to next year.
Federal OID Recognized
Enter the amount of section 108(i) original issue discount recognized from the past year's return. UltraTax CS uses this amount to calculate the OID adjustment on the Schedule VK-1. UltraTax CS proformas this amount to next year.
Virginia Addition
Enter the amount of section 108(i) original issue discount recognized from the past year's return. UltraTax CS uses this amount to calculate the OID adjustment on the Schedule VK-1, Other subtractions. UltraTax CS proformas this amount to next year.
Virginia Subtraction
Enter the amount of section 108(i) deferred from the past year's return. UltraTax CS uses this amount to calculate the OID adjustment on the Schedule VK-1, Other additions. UltraTax CS proformas this amount to next year.

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