PKCPAMST
Level 5
05-06-2021
11:47 AM
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Michele,
A partnership reports additional income tax imposed on certain installment sales by Code Sec. 453(A)(c) with a Code 20P.
To report the information in Lacerte, go to Screen 45 – Other Taxes, Section Other Taxes.
In the Prompt Section 453(A)(c), open up the Supporting Detail with Control-E and enter the amount(s). They will appear on Schedule 2 – Additional Taxes, on Line 8 as 453(A)(c).
PK