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Screen MDTPI - Maryland Tax Preference Income (1040)
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Overview
Use this screen to complete Form 502TP, Maryland Computation of Tax Preference Income. For nonresidents and part-year residents, enter only the amounts that can be allocated to Maryland. Note that UltraTax CS calculates resident amounts for these items.
Depletion
Enter the amount of the excess of the deduction for depletion allowable under IRC Section 611 for the tax year over the adjusted basis of the property at the end of the tax year.
Oil percentage depletion allowance
Enter the amount of oil percentage depletion allowance included in the federal depletion figure. This amount is subtracted form the depletion amount reported on Form 502TP.
Depreciation, pre-1987
For tax preference purposes, you must use the straight-line method to figure depreciation on real property for which accelerated depreciation was determined using pre-1987 rules. Use a recovery period of 19 years for 19-year real property other than recovery property; enter the amount by which your regular tax depreciation using the pre-1987 rules exceeds the depreciation allowable using the straight-line method. For leased 10-year recovery property and leased 15-year public utility property, enter the amount by which your regular tax depreciation exceeds the depreciation allowable using the straight-line method with a half-year convention, no salvage value, and a recovery period of 15 years (22 years for 15-year public utility property). You need to figure the excess depreciation separately for each property.
Intangible drilling costs if filing a nonresident or part-year return
Enter the amount of intangible drilling costs attributable to Maryland. This field applies to part-year and nonresidents only. Resident returns automatically report the entire amount shown on federal Form 6251.
Exclusion for gains on sale of certain small business stock if filing a nonresident or part-year return
Enter the amount of gain on the sale of certain small business stock applicable to Maryland. This field applies to part-year and nonresidents only. Resident returns automatically report the entire amount shown on federal Form 6251.
Exclusion (Force)
Use this field to force the amount of the exclusion for tax preference items. UltraTax CS automatically calculates the amount of allowable exclusion. The default for residents is the full exclusion. For part-year and nonresidents, the allowable exclusion is based on the ratio of Maryland tax preference items to federal tax preference items.