Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen CASepK — California Separately Stated Income and Expenses (1065)

Show all hidden content

Income (Loss)

Guaranteed payments other than health insurance, pensions, and IRAs
Use the
CAFR2
,
CAF2
CAInc
CAK-2
, and
CARent
 screens to enter the deductible guaranteed payments for each activity. UltraTax CS allocates the guaranteed payments to the partners based on the profit-sharing percentage. Select
Ptr Alloc
 for each activity to allocate deductible guaranteed payments to the partners using ratios other than the profit-sharing percentage.
Health insurance and pensions and IRAs considered guaranteed payments to partners are not included in this partner allocation. To allocate these payments using ratios other than the profit-sharing percentage, use the
Ptr Alloc
 buttons below.
note
UltraTax CS combines the guaranteed payments, including guaranteed payments for health insurance and pensions and IRAs, entered in the
CAFR2
,
CAF2
,
CAInc
,
CAK-2
, and
CARent
 screens; and the nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.
Guaranteed payments - nondeductible
Enter the nondeductible portion of guaranteed payments for each activity. UltraTax CS allocates the amount to the partners based on the profit-sharing percentage. Select
Ptr Alloc
 to allocate nondeductible guaranteed payments to the partners using ratios other than the profit-sharing percentage.
note
UltraTax CS combines the guaranteed payments, including guaranteed payments for health insurance and pensions and IRAs entered in the
CAFR2
,
CAF2
,
CAInc
,
CAK-2
, and
CARent
 screens; and the nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.
Net gain under section 1231 / Net loss under section 1231; enter as negative
UltraTax CS calculates the section 1231 gain (loss) from the sale of business property for each activity. Enter only tangible assets for nonbusiness rental and farm rental. Other activities use total section 1231 gain (loss). Select
Ptr Alloc
 for each activity to allocate section 1231 gain (loss) to the partners using ratios other than the profit-sharing percentage.
Net gain (loss) under section 1231 for intangible assets
Enter only intangible assets for nonbusiness rental and farm rental.

Section 179

Section 179 expense - (Force)
UltraTax CS calculates the section 179 expense for personal for each activity based on data entry in the asset module or in the CADepr screen. To force UltraTax CS to use a specific section 179 expense amount, enter the amount, including
0
 (zero), in these boxes. If an amount is entered for any activity, then all activities must be forced.
note
Use the
CAOthAst
 screen in the General folder to use an amount different than the amount UltraTax CS calculates for the total cost of section 179 property placed in service this year, the maximum dollar limit, and the business income limitation.

Deductions

Health insurance considered guaranteed payments to partners
Use the
CAFR2
,
CAF2
,
CAInc
,
CAK-2
, and
CARent
 screens to enter health insurance considered guaranteed payments to partners for each activity. UltraTax CS allocates the health insurance considered guaranteed payments to the partners based on the profit-sharing percentage. Select
Ptr Alloc
 for each activity to allocate health insurance considered guaranteed payments to the partners using ratios other than the profit-sharing percentage.
note
UltraTax CS combines the guaranteed payments, including guaranteed payments for health insurance and pensions and IRAs, entered in the
CAFR2
,
CAF2
,
CAInc
,
CAK-2
, and
CARent
 screens; and the nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.
Pensions and IRAs considered guaranteed payments to partners
Use the
CAFR2
,
CAF2
,
CAInc
,
CAK-2
, and
CARent
 screens to enter pensions and IRAs considered guaranteed payments to partners for each activity. UltraTax CS allocates the pension and IRAs considered guaranteed payments to the partners based on the profit-sharing percentage. Select
Ptr Alloc
 for each activity to allocate pensions and IRAs considered guaranteed payments to the partners using ratios other than the profit-sharing percentage.
note
UltraTax CS combines the guaranteed payments, including guaranteed payments for health insurance and pensions and IRAs, entered in the 
CAFR2
,
CAF2
,
CAInc
,
CAK-2
, and
CARent
 screens; and the nondeductible guaranteed payments you enter in this screen to calculate the total guaranteed payments for Schedule K, Guaranteed payments.

Alternative Minimum Tax (AMT) Items

Post-1986 depreciation adjustment
UltraTax CS automatically transfers the depreciation adjustment on MACRS property placed in service after 1986 for this activity from the asset module, excluding specially allocated amounts. If you didn't enter assets in the asset module, enter the amount here.
note
UltraTax CS transfers only the depreciation adjustment for assets that have a MACRS method selected in
Method
 (Tax column) in the asset module.
Adjusted gain or loss
UltraTax CS transfers the adjusted gain or loss for this activity from the asset module. UltraTax CS calculates the adjusted gain or loss as the gain (loss) for the AMT treatment less the gain (loss) for the Tax treatment. If you didn't enter assets in the asset module, enter the amount here.
note
UltraTax CS transfers only the adjusted gain or loss for assets that have a MACRS method selected in
Method
 (Tax column) in the asset module.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close