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Screen CTAdj - Connecticut Modifications and Section 179 Sale (1065)
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Additions to Federal Items
Interest on state and local obligations other than Connecticut / Exempt-interest dividends on state and local obligations other than CT
These statements contain all tax-exempt interest information entered in the federal K-4 and K1-5 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers.
Class Code | Description | Destination |
|---|---|---|
INT | Interest (default) | CT-1065/CT-1120SI, Page 4, Part I, Schedule C, line 1 |
DIV | Dividend | CT-1065/CT-1120SI, Page 4, Part I, Schedule C, line 2 |
Other additions
Use the statement to enter other additional Connecticut modifications on Form CT-1065/CT-1120SI, Page 4, Part I, Schedule C, line 6. Enter the appropriate codes to adjust Connecticut sourced income on Form CT-1065/CT-1120SI, Page 6, Part IV. The available codes are listed in the following table.
Code | Description | Destination |
|---|---|---|
I | Other income (default) | CT-1065/CT-1120SI, Page 6, Part IV, line 11, Other income (loss) are adjusted by these Connecticut modifications. |
P | Royalty | CT-1065/CT-1120SI, Page 6, Part IV, line 7, Royalty are adjusted by these Connecticut modifications. |
A | Other rental activities | CT-1065/CT-1120SI, Page 6, Part IV, line 3, Net income (loss) from other rental activities are adjusted by these Connecticut modifications. |
D | Other deductions | CT-1065/CT-1120SI, Page 6, Part IV, line 13, Other deductions are adjusted by these Connecticut modifications. |
O | Ordinary | CT-1065/CT-1120SI, Page 6, Part IV, line 1, Ordinary income (loss) from trade or business activities are adjusted by these Connecticut modifications. |
R | Real estate rental | CT-1065/CT-1120SI, Page 6, Part IV, line 2, Net income (loss) from rental real estate activities are adjusted by these Connecticut modifications. |
State income taxes
Use the type codes listed in the following table to classify the amounts as taxes based on income or other types of taxes. Form CT-1065/CT-1120SI includes items classified as taxes based on income.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Does not transfer to return. |
T | Taxes based on Income | Transfers to Form CT-1065/CT-1120SI, Page 3, Part I, Schedule B, line 17. |
Subtractions from Federal Items
Dividends from certain mutual funds owning US obligations
The statement contains all dividend information entered in the federal K and K1 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and doesn't overwrite the new data with subsequent federal-to-state data transfers.
Other subtractions
Use the statement to enter other additional Connecticut modifications on Form CT-1065/CT-1120SI, Page 4, Part I, Schedule C, line 12. Enter the appropriate codes to adjust Connecticut sourced income on Form CT-1065/CT-1120SI, Page 6, Part IV. The available codes are listed in the following table.
Code | Description | Destination |
|---|---|---|
D | Other deductions (default) | CT-1065/CT-1120SI, Page 6, Part IV, line 13, Other deductions are adjusted by these Connecticut modifications. |
I | Other income | CT-1065/CT-1120SI, Page 6, Part IV, line 11, Other income (loss) are adjusted by these Connecticut modifications. |
P | Royalty income | CT-1065/CT-1120SI, Page 6, Part IV, line 7, Royalty are adjusted by these Connecticut modifications. |
A | Other rental activities | CT-1065/CT-1120SI, Page 6, Part IV, line 3, Net income (loss) from other rental activities are adjusted by these Connecticut modifications. |
O | Ordinary | CT-1065/CT-1120SI, Page 6, Part IV, line 1, Ordinary income (loss) from trade or business activities are adjusted by these Connecticut modifications. |
R | Real estate rental | CT-1065/CT-1120SI, Page 6, Part IV, line 2, Net income (loss) from rental real estate activities are adjusted by these Connecticut modifications. |
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the sale of assets where Section 179 expense was claimed in a prior year. These sales are no longer reported on Form 4797, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal 8824PT, SalePT, and K1Sale screens. UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss.
This amount will be included on Form CT-1065/CT-1120SI, Page 6, Part IV, line 10 and Schedule CT K-1, Part II, line 10, column B. A nonsubmittable statement will print for Form CT-1065/CT-1120SI, Page 6, Part IV, line 10 detailing this amount. Use the
Force
box to override the calculated amount. If 0
(zero) is entered, no adjustment will be made.Section 179 included in gain / loss
This contains the total Section 179 expense deduction that was originally claimed on the assets sold during the tax year. This amount is provided for reference purposes only.