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Screen AZK1CODI - Arizona Schedule K-1 - Cancellation of Debt (1065)
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Allocation of COD Deferred Income
Use this section to calculate nonbusiness income that was received from passthrough entities.
Deferred income included in current year income / Deferred OID deductions allowable as a deduction in current year
Enter amounts when the
Passthrough income is nonbusiness
box is marked on the AZAlloc screen. UltraTax CS automatically transfers these amounts from the federal passthrough entities on the K1CODI screen. UltraTax CS automatically allocates these amounts and subtracts them from the federal total amount before multiplying by the apportionment percentage. UltraTax CS adds these allocated amounts to the apportioned business amount and displays the totals on Schedule K-1(NR) and Form 140NR. If Passthrough income is nonbusiness
is not marked on the AZAlloc screen, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.