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Screen CTK1 - Connecticut Passthrough Income (1065)

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Passthrough Income

Use this section to enter passthrough income items and to modify items used in calculating Connecticut amounts.

Disposal of Property with Section 179 Expense in Prior Year

UltraTax CS uses this section to report the gain / loss separately stated on federal Schedule K, line 20c on Form CT-1065/CT-1120SI, and Schedule CT K-1.
Gain / loss reported separately from fed Sch K, ln 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 SalePT and K1Sale screen.
UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form CT-1065/CT-1120SI, Page 6, Part IV, line 10, and Schedule K-1. A nonsubmittable statement prints detailing this amount. Use the
Force
 box to override the calculated amount. If
0
(zero) is entered, no adjustment is made.
Enter the total amount of gain included in pass-through income in
Total
, and the Connecticut gain amount in
CT Source
.

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