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Calculate the gain recognized on repayment of a shareholder loan when the shareholder has more than 1 loan
UltraTax CS doesn't support multiple shareholder loans when calculating the shareholder basis. If there was a repayment of a shareholder loan during the year, and the shareholder has more than 1 loan to the S Corporation, you can enter an amount in the
Basis used in calculating gain on repayment (Force)
field in the Loan
tab in View
, Shareholder Information
, the Other Info
tab, then Shareholder Basis
. The amount you enter in this field should equal the sum of the loan basis at the beginning of the year, the current-year loans made to the S Corporation, and the amount shown as the loan basis restored on the Shareholder's Loan Basis Restored Worksheet.Amounts entered in the
Basis used in calculating gain on repayment (Force)
field are used to calculate the gain recognized on the repayment of the shareholder loan, as opposed to the calculated loan basis. The calculated loan basis doesn't include any current-year loans to the S Corporation.