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
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 NE1377 - Nebraska IRC 1377(a)(2) Election (1120)
Show all hidden content
General Information
Calculate Nebraska 1377(a)(2) election
Enter
X
to calculate and print the NE Amounts Per IRC 1377(a)(2) Election Worksheet and the NE Shareholder Allocation Per IRC 1377(a)(2) Election Worksheet. These 2 worksheets don't calculate or print if this field is blank.note
The application marks this field if any amounts are entered in this input screen.
Date of shareholder termination
These fields show the dates entered in the
IRC 1377 or 1368 Dates Only
fields in Shareholder Information
. You can't edit these fields. To change the dates in these fields, go to Shareholder Information
and enter new dates.1377(a)(2) election amounts
Enter the amount allocable to each termination period for Nebraska gain (loss), adjustments, and credits 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.
After the IRC 1377(a)(2) election termination dates are entered in
Shareholder Information
and the Calculate Nebraska 1377(a)(2) election
field in this screen is marked, the application allocates all Nebraska gain (loss), adjustments, and credits to the shareholders based on information entered in this input screen. Therefore, an amount allocable to the termination periods entered in Shareholder Information
needs to be entered for all Nebraska gain (loss), adjustments, and credits in this input screen. If a field is blank, the application assumes the amount allocable for that period is zero.note
You don't need to enter amounts allocable to the period from the last termination date to the end of the year. The application automatically determines the amount allocable to this period by subtracting the amount entered in each termination period from the total Nebraska gain (loss), adjustments, and credits for each item. The application then allocates each item to the shareholders based on their ownership percentage for the period.
Shareholder 1 owns 7,500 shares of an S Corporation for the entire period. Shareholder 2 owns 2,500 shares and terminates his entire interest on March 31 of the current year. The corporation’s only allocable item is income from U.S. government obligations of $10,000, of which $2,500 is allocable for the period from January 1 to March 31, and $7,500 is allocable from April 1 to December 31.
In this case, to make the IRC 1377(a)(2) election, enter
3/31/XX
in the 1st IRC 1377 or 1368 Dates Only
field in Shareholder Information
and 2,500
in the 1st column of the Qualified US government interest deduction
field in Screen NE1377.The application calculates shareholder ownership percentages and allocates income from U.S. government obligations to each shareholder as follows:
Ownership percentage
Apr. 1 - Dec. 31 | 100 percent | 0 percent |
|---|---|---|
Date | Shareholder 1 | Shareholder 2 |
Jan. 1 - Mar. 31 | 75 percent (7,500/10,000) | 25 percent (2,500/10,000) |
Income from U.S. government obligations
Date | Shareholder 1 | Shareholder 2 |
|---|---|---|
N/A | N/A | N/A |
The application transfers $9,375 and $625 to Schedule K-1N, line 14, Qualified U.S. government interest deduction for Shareholder 1 and Shareholder 2.