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Tax Year

Determining a 52/53 week year end

Per IRC Regulation 1.441-2(a)(2), in the case of a taxable year that ends on the same day of the week, and that last occurs in a calendar month, the year will always end within the month and may end on the last day of the month or as many as 6 days before the end of the month.
In the case of a taxable year that ends on the same day of the week and that falls nearest to the last day of the calendar month, the year may end on the last day of the month or as many as 3 days before or 3 days after the last day of the month.
UltraTax CS/1120 generates a critical diagnostic if code
1
 or
2
 is entered in the
Type of 52-53 week year
 field in the
1120
 screen and the date in the
Tax year ending
 field in the
1120
 screen doesn't fall within the guidelines of IRS Regulation 1.441-2(a)(2).
If this is the 1st year the corporation has a 52-53 week taxable year, enter
X
 in the
Print 52-53 week election
 field in the
1120
 screen.
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