Form 1120-S - Where is built-in gains information entered?
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There are two places in Form 1120-S that relate to built-in gains.
Unrealized Built-In Gains
In Form 1120-S, unrealized built-in gains are noted in Schedule B. The amount to enter in Schedule B is the net unrealized built-in gain reduced by net recognized built-in gain from prior years.
To enter this amount, from the Main Menu of the S Corporation Tax Return (Form 1120-S) select:
- Schedule B - Other Information
- Unrealized Built-In Gain Minus Recognized Built-In Gain - Enter the amount.
Built-In Gains Tax
Built-In Gains Tax is calculated in Part III of Schedule D (Form 1120-S). To calculate built-in gains tax, from the Main Menu of the S Corporation Tax Return (Form 1120-S) select:
- Schedule K - Distributive Share Items
- Income
-
Net Short-Term Capital Gain (Loss) or
Net Long-Term Capital Gain (Loss) - Built-In Gains Tax
Additional Information: