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Gain recognized on repayment of shareholder loan
UltraTax CS follows Revenue Rulings 64-162 and 68-537 when calculating the gain on partial repayment of a reduced-basis shareholder loan. The nontaxable return of loan basis is calculated by taking the basis before the loan was repaid as a percentage of the face amount of the loan. The total loan repayment for the year is multiplied by this percentage to calculate the nontaxable return of the loan basis. The difference between the loan repayment for the year and the nontaxable return of the loan basis is the gain recognized on repayment.
In order to calculate the amount of gain on the repayment, you'll need to enter an amount in the
Beginning of the year shareholder loan
field in View
, Shareholder Information
, the Shareholder
tab, Shareholder Basis
, then the Loan
tab. This amount represents the outstanding shareholder loan before any current-year loan repayments and before any current-year loans to the corporation. The amount entered in this field, less any current-year loan repayments, plus any current-year loans to the corporation, will proforma to the following year.The gain on partial repayment of the shareholder loan is calculated on the Shareholder’s Basis Worksheet, Page 1, and transfers to the Schedule K-1 statements, Box 17, Code V.
If you want to change the amount of gain displayed in the K-1 statements, enter an amount in the
Gain on repayment shareholder loan (Force)
field in the Loan
tab. If you don't want any gain to show in the K-1 statements, enter 0
(zero) in this field.You can enter the repayment amount in
View
, Shareholder Information
, Shareholder Basis
, Loan
, then Loan repayments
.