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Shareholder Information > Change of Ownership dialog (1120)

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Use the
Change of Ownership
 spreadsheet to enter change of ownership dates. In the
Date
 column, enter the date the ownership changed and press
Enter
. (The date you enter must fall within the S Corporation's tax year.) UltraTax CS automatically adds a column for the date you enter and displays the number of shares owned by each shareholder at the beginning of the year or the previous change of ownership date. You can then update the number of shares for those shareholders whose ownership has changed.
You can add up to 23 columns for date changes. As you add date columns, UltraTax CS updates the number of shares in each date column according to the number of shares in the previous date column.
note
If the change of ownership occurs on the 1st day of the tax year, go to the Shareholder tab to change the
Beginning of year shares amount
 for each shareholder affected.
If a shareholder's number of shares is left blank after adding a date column, UltraTax CS treats the shareholder as not owning any shares as of the date entered. Their
Schedule K-1
 will be marked as final and the shareholder will not proforma to the following year.
Go to the
Shareholder Information
 window, select the
Shareholder
 tab, then select
Change of Ownership
.

Fields and buttons

Change of Ownership spreadsheet
This spreadsheet is used to enter change of ownership dates. In the
Date
 column, enter the date the ownership changed and press
Enter
. (The date you enter must fall within the S Corporation's tax year.) UltraTax CS adds a column for the date you enter and displays the number of shares owned by each shareholder at the beginning of the year or the previous change of ownership date. You can then update the number of shares for those shareholders whose ownership has changed.
You can add up to 23 columns for date changes. As you add date columns, UltraTax CS updates the number of shares in each date column according to the number of shares in the previous date column.
IRC 1377 or 1368 Dates Only
If a shareholder has terminated their interest during the tax year or had a qualifying disposition of stock during the tax year, and the S Corporation elects to treat the tax year as if it consisted of two separate tax years under IRC 1377(a)(2) or 1.1368-1(g)(2)(i), enter the termination or disposition dates here. You can enter the dates or select from the dropdown list. All dates you enter in the
Change of Ownership spreadsheet
 are available in the dropdown list. UltraTax CS transfers the dates you enter to
Date of termination or qualifying disposition
 on the
1377 screen
.
note
  • UltraTax CS allows you to enter only dates that have already been entered in the Change of Ownership spreadsheet above. UltraTax CS allows up to two termination or disposition periods. The first day of the S Corporation's tax year cannot be used as a termination or disposition date.
  • A Section 1377(a)(2) election statement automatically prints when
    Termination, qualifying disposition explanation
      is completed on the
    1377 screen
     and one or more shareholders has zero shares at the end of the year. A single election statement is permitted for all terminating elections made for the tax year.
  • A qualifying disposition of stock election statement under Regulation 1.1368-1(g)(2)(i) automatically prints when
    Termination, qualifying disposition explanation
     is completed on the
    1377 screen
     and all of the shareholders own stock in the S Corporation at the end of the year. A single election statement is permitted for all terminating elections made for the tax year.
  • The detailed
    Schedule K-1 Statements
     do not print when a Section 1377 or qualifying disposition of stock election is made. Any separately stated items should be entered in the
    Supplemental information
     statement for each shareholder. To do this, go to
    View
    ,
    Shareholder Information
    , then the
    Other
     tab.
View Computation
Use
View Computation
 to view the weighted average calculation for each shareholder. To print the
Ownership computation
 report, select
Shareholder
,
Print Reports
, then
Ownership computation
. This report details the shareholders' ownership calculations.

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