Screen IA135 - Iowa E85 Gasoline Promotion Tax Credit (1040)

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Overview

Enter information on this screen to calculate Form IA 135, Gasoline Promotion Tax Credit. UltraTax/1040-IA automatically transfers this information to Part II of Form IA 148, Tax Credits Schedule using code 55. E85 gasoline must be a minimum percentage between 70 percent and 85 percent by volume of ethanol. Form IA 135 is a multi-unit form.

General Information

Taxpayer or Spouse
Assign the credit to either the taxpayer or spouse. UltraTax CS defaults to taxpayer when no selection is made.
Credit from pass-through entity
Mark this box when the credit is from a pass-through entity. A separate unit must be used to report each credit received from a pass-through entity.
Total E85 gallons sold in Iowa
Enter the total number of E85 gallons sold through motor fuel pumps in Iowa. A retail dealer of gasoline can claim both this credit and the Ethanol Promotion Tax Credit in the same tax year, for the same ethanol gallons sold.

Pass-through Entity Credit

Enter entity information in this section for a credit received from a partnership, S Corporation, estate or trust. UltraTax/1040-IA automatically transfers the information entered here to Part IV of Form IA 148, Tax Credits Schedule. Each pass-through entity with an E85 gasoline promotion tax credit must be entered separately on an additional input screen.
Amount of credit
Enter the credit amount reported on the Iowa K-1.
Percent of ownership
Enter the percent of ownership reported on the Iowa K-1.

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