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Filing

Extraordinary dividends for simple trusts

You can use the
Dividends (including foreign source)
procedure only if you're calculating depreciation and the client has ever had a short tax year. UltraTax/1041 uses the
Prior year-ends, if different
 fields on the
1041
 screen to calculate the correct prior and current depreciation expense of assets entered in the asset module. If the client's assets are entered in the Asset tab, and if the prior fiscal year end differs from the current fiscal year end, enter the different year ends in the appropriate fields on the
1041
 screen.
note
If this is the client's first year and the year was shorter than 12 months, this procedure isn't necessary. Enter in the
Most recent
 field the ending date of the month proceeding the month in which the short year began. For example, if the client's year began on 5/19/22 and ended on 12/31/22, enter
4/30/22
.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary

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