Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Processing

Enter a corporation as a controlled group

If an 1120 client qualifies as a member of a controlled group, use the following procedure to assign the corporation its share of the group's credit, exemption, and limitation items. Also, use this procedure to prepare Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group.
  1. Open the client by selecting
    File
    , then
    Open Client
    . Select the
    General
     folder in the folders block, then select the
    1120
     tab.
  2. In the 1120 Information section, enter
    X
     in the
    Part of controlled group
     field to indicate that this client qualifies.
  3. Select the
    Controlled Groups
     folder, then select the
    Ctrl
     tab. Note that the information you enter in the
    Controlled Group Member 1
     section of the
    Ctrl
     screen transfers to the current client's return as well as to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group. Data entered in the
    Ctrl-2
     screen transfers only to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group in the current client.
  4. UltraTax CS automatically completes most of the general information in the
    Controlled Group Member 1
     section based on data entered in the
    1120
     screen. You can edit the general information in this screen.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close