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how to report Accrued market discount in Form 1120-S

hgtc
Level 5

S-corp has accrued market discount ($540) on US Treasury bond sold.  When entered this transaction in Sch D, Lacerte automatically deduct the gain.  But, are we supposed to report this as interest incomes somewhere?

I can not find where does Lacerte report this $540 interest incomes in S-Corp program.  Does anyone know?

Also, should this $540 be tax-exempt incomes for CA and pass through to shareholder?


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George4Tacks
Level 15
2 Comments 2
George4Tacks
Level 15
hgtc
Level 5

Thanks