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Change the order of distributions when electing to distribute accumulated E&P

UltraTax CS automatically prints the election to distribute accumulated E&P first when the
Election to distribute accumulated E&P first
 field is marked on the
Ms
 screen in the
Balance Sheet
 folder.
Enter distribution in the
Distributions
 field in the AAA column on the
Ms
 screen.
UltraTax CS applies the following ordering when excess distributions are entered in the Accumulated Adjustment Account column.
  1. Accumulated E&P to the extent the distribution doesn't reduce the account below zero.
  2. Undistributed Previously Taxed Income (PTI) to the extent the distribution doesn't reduce the account below zero.
  3. Accumulated Adjustments Account (AAA) to the extent the distribution doesn't reduce the account below zero.
  4. Other Adjustment Account (OAA) to the extent the distribution doesn't reduce the account below.
  5. Any remaining distribution reduces the Retained Earnings Timing Differences (REU) account.
If you want to use a different ordering of the distributions:
  1. Enter the amount of distribution (including zero) in the respective column.
If you only want to print the election to distribute accumulated E&P first, but don't want to change the ordering of distributions:
  1. Select the
    Distribute Accumulated E&P First
     election from the
    Election Description
     dropdown in the
    Election statements
     section on the
    Elect
     screen.
  2. Don't select the
    Election to distribute accumulated E&P first
     field in the
    Ms
     screen.

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