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Shareholder Information > Massachusetts tab > Shareholder Basis dialog > Loan tab
Show all hidden content
Use the
Loan
tab to enter Massachusetts shareholder loan basis. UltraTax CS combines the current-year and suspended loss amounts and determines the allowable amount based on the available stock and loan basis.To update a shareholder's state-specific information, go to the
Shareholder Information
window, select the Massachusetts
tab, Shareholder Basis
, then the Loan
tab. Fields and buttons
Beginning of year loan basis
Enter the beginning of year loan basis. If you don't want an amount to appear, enter
0
(zero). UltraTax CS proformas this amount from the prior-year end-of-year loan basis.Loans to corporation (Force)
Enter the amount the shareholder loaned to the S Corporation in the current year. If you leave this blank, UltraTax CS uses the amount from the federal worksheet. If you don't want an amount to appear, enter
0
(zero).Other increases
Enter the description and amount for items that increase a shareholder's loan basis. If there are items that increase all of the shareholders' loan basis, open the
MAKSep screen
, enter the description and amount, and then enter A
in the Basis
column. UltraTax CS then increases the loan basis of each shareholder by an amount equal to the amount entered on the MAKSep screen
, multiplied by the respective shareholder's ownership percentage.Other decreases
Enter the description and amount for items that decrease a shareholder's loan basis. If there are items that decrease all of the shareholders' loan basis, on the
MAKSep screen
, enter the description and amount, and then enter R
in the Basis
column. UltraTax CS decreases the loan basis of each shareholder by an amount equal to the amount entered on the MAKSep screen
, multiplied by the respective shareholder's ownership percentage.note
UltraTax CS doesn't limit the amount entered in this field by the available basis. Therefore, the amount entered can cause the shareholder's loan basis to be reduced below zero. To avoid this, enter the limited amount.
Beginning of year shareholder loan (Force)
Enter the amount of outstanding shareholder loan before any current-year loan repayments or current-year loans to the corporation. If you leave this blank, UltraTax CS uses the amount from the federal worksheet. If you don't want an amount to appear, enter
0
(zero) in this field. UltraTax CS proformas the amount entered, less any current-year loan repayments, plus any current-year loans to the corporation, to the following year. Loan repayments (Force)
Enter the S Corporation repayments of the shareholder loan in the current year. If you leave this blank, UltraTax CS uses the amount from the federal worksheet. If you don't want an amount to appear, enter
0
(zero).Loan basis restored (Force)
The loan basis restored is calculated on the MA Shareholder's Loan Basis Restored Worksheet. If you want to change the calculated amount, enter an amount.
Basis used in calculating gain on repayment (Force)
UltraTax CS calculates the amount of the loan basis used in calculating the gain recognized on the repayment of shareholder loan. To change the calculated amount, enter an amount.
Gain on repayment shareholder loan (Force)
UltraTax CS calculates the pre-apportioned gain recognized on the repayment of shareholder loan. To change the calculated amount, enter an amount. If you don't want any gain, enter
0
(zero). For resident shareholders, the calculated gain recognized on the repayment of shareholder loan transfers to the supplemental information statement on Schedule SK-1. For nonresident shareholders, the pre-apportioned gain recognized on the repayment of shareholder loan calculates on the
MA Shareholder’s Basis Worksheet
, but you need to enter an amount here to transfer to the supplemental information statement on Schedule SK-1.Net Massachusetts adjustments (Force)
UltraTax CS automatically calculates the net Massachusetts adjustments based on the
MA Shareholder's Basis Worksheet
. If you want to change the amount of adjustment, enter an amount in this field. If you do not want any amount to show on Schedule SK-1, enter 0
(zero) in this field. When you enter an amount, UltraTax CS suppresses the calculation of the MA Shareholder's Basis Worksheet
.Net federal adjustments (Force)
UltraTax CS calculates the net federal adjustments based on the federal
Shareholder's Basis Worksheet
. If you want to change the amount of adjustment or if the federal Shareholder's Basis Worksheet
is not calculating, enter an amount. If you don't want any amount to show on Schedule SK-1, enter 0
(zero).