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Shareholder

Enter a change of ownership for an S corporation

Follow these steps to enter a change of ownership for an S corporation.
  1. Select
    View
    , then
    Shareholder Information
    .
  2. Select
    Change of Ownership
    .
  3. Enter the date of change and the resulting number of shares on this date for each shareholder.
    note
    • UltraTax CS will calculate up to 24 changes of ownership.
    • If the change of ownership happens on the 1st day of the tax year, change the
      Beginning of year shares
       amount in
      View
      ,
      Shareholder Information
      , then the
      Shareholder
       tab for each shareholder affected.
    • To delete or remove a date, double-click it and select
      Delete
      .
    • You'll need to enter beginning-of-year shares for the shareholders in the
      Shareholder
       tab before doing a change of ownership.
    • To make a 1377 or a 1368 election, enter the date of the change of ownership in the
      IRC 1377 or 1368 Dates Only
       dropdowns. You can't enter the 1st day of the year.
    • A 1377 election is made if 1 of the shareholders terminated their interest during the year. A 1368 election is made if a shareholder changed their ownership percentage in the S corporation by 20% or more during the year.

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