Entering a corporation as a controlled group (1120)
If an 1120 client qualifies as a member of a controlled group, use the following procedure to assign the corporation its share of the group's credit, exemption, and limitation items. Also, use this procedure to prepare Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group.
- Open the desired client (File > Open Client). Click the General folder in the folders block and then click the 1120 tab.
- In the 1120 Information section, enter X in the Part of controlled group field to indicate that this client qualifies.
- Click the Controlled Groups folder and then click the Ctrl tab. Note that the information you enter in the Controlled Group Member 1 section of Screen Ctrl transfers to the current client's return as well as to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group. Data entered in Screen Ctrl-2 transfers only to Schedule O - Consent Plan and Apportionment Schedule for a Controlled Group in the current client.
- UltraTax CS automatically completes most of the general information in the Controlled Group Member 1 section based on data entered in Screen 1120. If desired, edit the general information in this screen.
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