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Principal loan amount owed to shareholder at year end calculation
You can see the principal amount of a loan owed to a shareholder at the end of the year on page 1 of the Shareholder's Basis Worksheet. UltraTax CS/1120 calculates this field as:
- Beginning-of-year shareholder loan, plus
- Current-year loans to the S Corporation, minus
- Current-year loan repayments on the shareholder loan
You can find the data for these fields under the
Loan
tab in View
, Shareholder Information
, the Other Info
tab, then Shareholder Basis
. UltraTax CS/1120 shows an informational diagnostic message if the sum of the principal amount of loans owed to all shareholders doesn't agree with the loans from shareholders on Form 1120S, Schedule L, line 19(d). Review the preceding fields and make sure that the data entry is complete.