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Federal input screens

Shareholder Information > Shareholder Basis dialog > Suspended Losses tab

Show all hidden content
Use the
Suspended Losses
 tab to enter shareholder suspended losses. 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 suspended loss information, go to the
Shareholder Information
 window, select the
Other Info
 tab,
Shareholder Basis
, then the
Suspended Losses
 tab.

Fields and buttons

Regulation 1.1367-1(g) election (w/Election)
Mark this checkbox if the shareholder is making an election in accordance with Regulation 1.1367-1(g). UltraTax CS decreases basis by deductible items (for example, ordinary loss and Section 179 expense) before nondeductible, noncapital expenses. If you don't mark this field, UltraTax CS reduces basis by the nondeductible noncapital expenses before reducing the basis by the deductible items. UltraTax CS proformas this field the following year.
UltraTax CS prints the election statement under Regulation 1.1367-1(g) in the shareholder's shareholder package unless you mark the
Suppress 1367 election statement
 checkbox.
Suppress 1367 election statement
Mark this checkbox to suppress printing the election statement under Regulation 1.1367-1(g). The Section 1367 election statement isn't an annual election. Once the election is made, the election doesn't need to be made again. UltraTax CS marks the checkbox when the client is proforma'd to prevent the election statement from printing the following year.
Data share beg basis and prior suspended losses
Mark this checkbox to have UltraTax CS share the following amounts from the Shareholder's Basis Worksheet with the 1040 client in UltraTax CS/1040.
  • Beginning of year stock basis from Page 1 of the
    Shareholder's Basis Worksheet
  • Beginning of year loan basis from Page 1 of the
    Shareholder's Basis Worksheet
  • Loan basis restored
  • Suspended losses from Page 2 of the
    Shareholder's Basis Worksheet
note
  • Enter
    X
     in
    Data share beginning basis and prior suspended losses
     on the
    1120 screen
     to share the amounts for all shareholders in the S Corporation.
  • For the financial data to share correctly, you'll need to calculate the S Corporation return before you open the 1040 client in UltraTax CS/1040.
If this checkbox is not marked, the amounts listed above are not shared with the 1040 client in UltraTax CS/1040.
Suppress data share of shareholder basis information
Mark this checkbox to suppress the sharing of the following information from Page 1 of the
Shareholder Basis Worksheet
 to the 1040 client in UltraTax CS/1040.
  • Capital contributions
  • Other increases — Stock basis
  • Other decreases — Stock basis
  • Other increases — Loan basis
  • Other decreases — Loan basis
  • Beginning of year shareholder loan
  • Regulation 1.1367-1(g) election
  • Suppress 1367 election statement
  • Suppress proforma of nondeductible expenses
If you marked this checkbox and then decide that you want to share the above information, clear the checkbox and print preview the S Corporation return. UltraTax CS shares the information with the 1040 client in UltraTax CS/1040.
note
Enter
X
 in
Suppress data share of basis worksheet
 on the
1120 screen
 to suppress the sharing of the above information for all shareholders in the S Corporation.
Nondeduct/noncapital expense
Enter the nondeductible / noncapital expenses. UltraTax CS reduces basis by the amount entered before reducing the basis by the deductible items, unless you enter
X
 in
Regulation 1.1367-1(g) election
. In that case, UltraTax CS reduces basis by the deductible items before the nondeductible / noncapital expenses.
Ordinary loss and the remaining amount fields
Enter the suspended loss for these items. UltraTax CS calculates the amount of allowed loss by multiplying the basis available by a fraction, where the numerator is equal to the total loss amount (current-year plus suspended amount) for each deductible item, and the denominator is the sum of all deductible loss items (current-year plus suspended amount). This calculation is done for stock basis as well as loan basis.

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