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Screen CAK - California Schedule K - Income (Loss) (1065)

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Overview

UltraTax CS automatically uses amounts entered in the 1065 federal as the default amounts for Schedule K. The amounts are displayed directly on Form 565, Page 4 / 568, Page 5. All statement items are transferred from UltraTax CS to these statements. To change amounts for the California return, enter data in the applicable boxes or statement in this input screen.
Use this screen to complete portions of Form 565, Page 4 and 568, Page 5, Schedule K. If information transferred from UltraTax CS doesn't require additional data or coding, UltraTax CS shows it on the form only, not in the input screen.
Items that are calculated and automatically transferred from other California input screens to Schedule K are listed here:
  • Line 4, Guaranteed payments to partners
  • Line 11b, Net gain from Form 4684, long-term gain
  • Line 11c, Net loss from Form 4684, long-term loss from trade/business property
  • Line 11c, Net loss from Form 4684, long-term loss from income producing property
  • Line 11b, Schedule D-1 income
  • Line 11c, Schedule D-1 loss
  • Line 11b, section 1202 gains from Schedule D
In addition to the above items that are associated with this input screen, UltraTax CS calculates and transfers items associated with CAK-2, CAK-3, CAK-4, and CAM1M2 screens to Schedule K. See the CAK-2, CAK-3, CAK-4, and CAM1M2 screens for an additional list of these items.
note
Enter California amounts only when there is a difference between the corresponding federal Schedule K amount and the state Schedule K amount. If blank, the California amount automatically defaults to the federal Schedule K amount.

Income (Loss)

Interest income
UltraTax CS transfers interest income from the federal K screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Dividends: Ordinar
UltraTax CS transfers ordinary dividends from the federal K screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Other portfolio income (loss)
UltraTax CS transfers relevant data from the federal K screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Other income (loss) items: Other income
UltraTax CS transfers relevant data from the federal K screen to this statement. To exclude an item from the state return, delete the amount, enter
0
 (zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
UltraTax CS adds the items entered in this statement to the following items in the printed statement:
  • Farm income that is specially allocated
  • Schedule D-1 gain / loss that is specially allocated
  • Taxes applicable to ordinary income that are specially allocated
  • Depletion that is specially allocated
  • The deductible portion of entertainment expense applicable to ordinary income that is specially allocated
  • Page 1 (Schedule B), Schedule A and Schedule F depreciation and amortization amounts that are specially allocated
  • Form 4684 amounts
  • Mining exploration costs recapture
  • Cancellation of debt
  • Gains from short-term and long-term nondepreciable personal property
  • Oil income, from the application’s Oil & Gas module, that is specially allocated
  • Qualified small business stock (section 1202)
  • Section 1256 Contracts
Other income (loss) items: Mining exploration costs recapture
UltraTax CS transfers mining exploration costs recapture entered in the federal K screen to Schedule K, line 11. To modify the federal amount for California purposes, enter the revised amount. The amount is included in the total Other income (loss) on line 11.
Other income (loss) items: Cancellation of debt
UltraTax CS transfers cancellation of debt entered in the federal K screen to Schedule K, line 11. To modify the federal amount for California purposes, enter the revised amount. The amount is included in the total Other income (loss) on line 11.
Short-term capital gain on nondepreciable pers prop used in trade / business / … / Long-term capital loss on nondepreciable pers prop used trade / bus; negative
Use these boxes to enter the amounts of short-term and long-term capital gain (loss) on nondepreciable personal property. The amounts of capital gain (loss) from nondepreciable personal property are subtracted from the amounts on California Schedule D when transferred to Schedule K, line 8 or 9a, and are included in the total Other income on line 11b and Other loss on line 11c.
Section 1256 contracts
UltraTax CS transfers section 1256 contracts and straddles from the federal K-1 screen, Part I to Schedule K, line 11b. To modify the federal amount for California purposes, enter the revised amount.
Qualified small business stock (section 1202)
Select Ptr Alloc to specially allocate the amounts being transferred from California Schedule D. UltraTax CS includes these amounts in the printed statement and in the Other income (loss) total on Schedule K, lines 11b and 11c. See the CAD screen to enter the amount of qualified small business stock (section 1202).

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