Triva isn't available right now.
Check out the support page for our phone number and hours
Solutions
-
Corporations
-
Governments
Success stories
-
A true competitive advantage
Law firm Zarin Baum’s embrace of generative AI as the natural next step in the evolution of legal work and their adoption of CoCounsel Legal has helped them achieve remarkable efficiency gains and improved client relationships.
-
Workflow transformation drives impact
Brinks, a global leader in secure logistics and security solutions, used CoCounsel to reimagine what was possible with AI tools, turning legal challenges into a competitive advantage.
-
The forefront of audit tech
A better auditing workflow solution was the answer to multiple challenges faced by The Mercadien Group. Find out how they achieved greater efficiency by embracing Cloud Audit Suite.
Questions? We are here to help.
Products
-
Tax, audit & accounting
Recommended products
-
CoCounsel Legal
Transform your work with the only AI legal solution uniting research, drafting, and document analysis in a single experience. Designed by legal experts and built on trusted content and advanced AI, CoCounsel Legal accelerates multistep work so you can better serve your clients and grow your business.
-
CoCounsel Tax
Transform your tax practice with CoCounsel Tax, an AI-powered assistant that combines trustworthy answers, automation, and firm knowledge into one seamless platform. Enhance efficiency, reduce risk, and improve client confidence with CoCounsel Tax.
-
CLEAR
Powerful software designed for law enforcement, compliance, risk, and fraud investigators. Conduct thorough investigations with ease using our intuitive online investigation software. Efficiently, prevent, detect, and solve crime.
Questions? We are here to help.
Purchase
-
Buy books
-
Contact sales
Resources
-
Product training
-
Product communities
-
Developers
Highlights
-
2026 SKILLS showcase
Join weekly sessions to experience in-depth demonstrations of the leading legal AI products while connecting with strategic law firm leaders in knowledge management, innovation, and AI.
-
Ghosts on the ledger
Payroll fraud is a major compliance risk. Learn how payroll analytics and AI-powered tools can help exorcise phantom employees and employers.
-
Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Screen CA1377P2 - California IRC Section 1377(a)(2) Election, Page 2 (1120)
Show all hidden content
Overview
Use this screen to enter information if the corporation has made a terminating election under IRC 1377(a)(2) to treat its taxable year as though it consisted of separate taxable years, the 1st of which ends at the close of the day on which the shareholder’s entire interest in the S Corporation is terminated.
The IRC 1377(a)(2) election is made by selecting
View
, Shareholder Information
, the Shareholder
tab, Change of Ownership
, then entering dates in the 1377 Election Dates
fields. For more information about shareholder information, see Shareholder Information
, then the Shareholder
tab.The application generates the CA IRC 1377(a)(2) Worksheet, which allocates each item on Form 100S, Schedule K to the IRC 1377(a)(2) periods as entered in Screen CA1377.
The application also generates for each shareholder the CA Shareholder Allocation per IRC 1377(a)(2) Election Worksheet, which calculates the shareholder’s portion of each Form 100S, Schedule K adjustment item as allocated to each termination period based on the shareholder’s ownership percentage for the respective period. The application transfers the amounts in the Total column of this worksheet to the respective line in column D on Schedule K-1 for each shareholder. This worksheet is included in the shareholder package at print time.
note
Enter the California
Adjustment
for Items affecting shareholder basis and Other information. Enter the California amount
for Other state taxes and Gross receipts.Gross Receipts
Gross receipts
Enter the amount allocable to each termination period for each Schedule K adjustment item in these fields. Enter amounts allocable to the 1st termination period in the 1st column and amounts allocable to the 2nd termination period in the 2nd column, if applicable.
note
It's unnecessary to enter amounts allocable to the period from the last termination date to the end of the year. The application determines the amount allocable to this period by subtracting the amount entered in each termination period from the total amount on Schedule K for each item, respectively. The application then allocates each item to the shareholders based on their ownership percentage for the period.