I can find on form 3800 where the allowable credit would be limited by sect 383, but I don't find how to override line 17 so it reduced what is on front of 1120?

Forum|Forum|5 years ago
July 27, 2020
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Lacerte Tax

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George4Tacks

Level 15

Screen 28, way down at the bottom:

Section 383/384 Limitation

Miscellaneous

Screen 28; Code 498

Enter any limitation on the amount of the general business credit that can be applied due to ownership change. Or, enter the limitation on the use of pre-acquisition excess credits of one corporation to offset the tax attributable to recognized built-in gains of another corporation. Attach a computation of the allowable general business credit. Use the next field, “IRC section for limitation: 1=383 (default), 2=384” (Screen 28.1, code 499) as necessary to designate the appropriate verbiage to print, such as “Sec 383” or “Sec 384.”

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thompsonAuthor

Level 3

Thanks, I've tried that and it isn't pulling through to form 3800. I tried o. the usual -1 and the amount of credit that is being computed. ????

George4Tacks

Level 15

Are you saying the allowable is zero?
I entered -1 for limitation and r the 1 =383 in the next entry for IRC section for limitation and got a zero.

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