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Screen CALLCC - California Single Member LLC - Business Income (1040)
Overview
Use this screen to complete Form 568, Limited Liability Company Return of Income, including Schedules A and B. Information in this screen transfers from federal C Screen for activities identified as included in the LLC. Information from all units of CALLCC Screen applicable to a specific LLC is combined on the form.
Activity Information
This section displays the entity information for activities included in the Limited Liability Company. The Activities included in LLC statement dialog lists all federal activities included in the LLC. If no data is present in the statement dialog, the LLC is a state unit only and no federal data entry is transferred to the LLC.
General Information
Use this section to enter general information required for completing Form 568. Information in the section defaults to data entry in the corresponding unit of federal C Screen, if applicable.
Income
Use this section to enter all income to be included on Form 568, Schedule B. Information from all units of Screen CALLCC applicable to a specific LLC is combined on the form.
In addition to the related amounts entered on federal C Screen, the amount from the
Taxable cooperative distributions
field on federal 1099P Screen transfers to the Other income
statement dialog.Gross receipts and sales
UltraTax CS transfers the following information to this statement dialog:
- Gross receipts and sales from federal Screen C
- Depletion amounts
- Statutory Wages
- Amounts from federal 1099M Screen
Cost of Goods Sold
Use this section to enter inventory information for Form 568, Schedule A. Information from all units of CALLCC Screen applicable to a specific LLC is combined on the form.
Expenses
Use this section to enter all expenses to be included on Form 568, Schedule B. Information from all units of CALLCC Screen applicable to a specific LLC is combined on the form.
Depletion (Force) / Depreciation (Force)
Force amounts entered in federal C-2 Screen transfer to these fields. When blank, UltraTax CS defaults to including all depletion and depreciation, including vehicle depreciation, associated to the activity from data entered in the California treatment in the asset module, CADepr Screen, or federal input screens. Use these fields to force amounts different from the calculated amounts.
Real estate tax adjustment
The amount entered in the
Buyer’s part of real estate tax
field in federal Sale Screen with code 1 Real estate taxes already paid; reduce real estate taxes deducted
transfers to this field. The real estate taxes expense reported on Form 568, Page 3 is the amount entered in the Taxes and licenses
field with code 2 Real estate taxes
reduced by the amount in this field.