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This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: schedule-k1-subject

Enter California stock basis, loan basis, and suspended loss information for shareholders

  1. Select
    File
     then
    Open Client
     to open the desired S Corporation client.
  2. Choose
    View
     then
    Shareholder Information
    .
  3. Select
    Shareholder Basis
      on the California tab.
  4. Select the
    Stock
     tab.
  5. Go to the dropdown and select the shareholder you want to enter California stock basis information for.
  6. Enter the information for the shareholder's California stock basis.
  7. Select the
    Loan
     tab.
  8. Go to the dropdown and select the shareholder you want to enter the shareholder's California loan basis information for.
  9. Enter the information for the shareholder's loan basis.
  10. Select the
    Suspended losses
     tab.
  11. Enter suspended loss information. UltraTax CS uses this information to determine the California current-year allowed loss and the California disallowed loss to carry forward. UltraTax CS combines the current-year loss and suspended loss amounts and determines the allowable amount based on the available California stock and loan basis.
    note
    You'll need to enter information in the tabs for UltraTax CS to calculate shareholder basis. Also, the
    Suppress calculation of shareholder basis worksheet
     field in the 1120 Screen and the California CAGen screen must not be marked.
  12. Select
    Done
     when you're finished entering information.

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