Drake Software User's Manual Supplement: S Corporations (1120S)

Form 3115, Application for Change in Accounting Method Drake Software User’s Manual Supplement: S Corpora-Screen 311EMulti-formCodesUnlike the other 3115 screens, screen 311E contains two multi-form code text boxes:• Multi-form code for 3115 — This box is applicable if the return contains morethan one Form 3115. Enter the code for the instance of the 3115 screen with whichthis 311E screen should be associated.• Multi-form code for Sch E — This box is applicable if the return contains morethan one Schedule E. (A separate 311E screen should be used for each property.)Assign each property a separate code in its Multi-form code for Sch E. This codeenables you to associate any attachments with the correct Schedule E property.(See “Attachments,” starting on page 54.)If the return contains more than one Form 3115 and multiple instances of Schedule E,both multi-code fields should contain numbers. Figure 41 shows that the third instanceof a Schedule E is to be associated with the second Form 3115 in the return.Figure 41: Example of third instance of a Schedule E to be associatedwith the second instance of a Form 3115.CompletingSchedule EThe 311E screen consists of four sections:• Schedule E - Line 4a — Enter information on the type of property, the year it wasplaced in service, and the property’s use.• Schedule E - Change in Depreciation or Amortization — This section coversall Schedule E items other than lines 4a and 7. Note that lines 5 and 6 are links torequired attachments.• Schedule E - Line 7 - Present Method and Schedule E - Line 7 - ProposedMethod — For the line 7 sections, enter information on the Present Method andProposed Method in the supplied text boxes and choose the applicable conventionfrom the Applicable Convention drop list. Options are as follows:• HY — Half-Year • MM — Mid-month• MQ — Mid-quarter • S/L — Straight lineAttachmentsAttached statements are required for many Form 3115 items. Depending on the natureof the attachment, you will attach statements to the form in one of two primary ways:• From Data Entry — The ATT screen is the most common screen for attachingstatements to Form 3115. The ATT2 screen is used for Part II, line 12, and Part54 Tax Year 2010