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Screen HIAdj - Hawaii Adjustments and Section 179 Sale (1065)
Show all hidden content
Page One Additions
Use this section to complete Form N-20, Page 1.
note
If
Allocating income on the basis of separate accounting
on the HIAlloc screen is marked, amounts entered in these boxes won't adjust Form N-20, Page 1, lines 11a - 11d. Amounts entered in these boxes will be included in the calculation of ordinary income that appears on Form N-20, Page 2, line 1, column c.Federal deductions not allowable or allowable only in part
Use the statement to list deductions that were taken for federal tax purposes but aren't acceptable or only partially acceptable for Hawaii tax purposes. Don't use this box to enter depreciation adjustments. Instead, use
Depreciation adjustment (Force)
.Depreciation adjustment (Force)
To force UltraTax CS to use a specified amount for the adjustment for depreciation differences other than the calculated amount, enter the desired amount, including
0
(zero) here. If the adjustment is a positive amount, it will be included in the statement on Form N-20, Page 1, line 11d. If the adjustment is a negative amount, it will be included in the statement on Form N-20, Page 1, line 14c.note
This refers to depreciation adjustments, including differences due to the federal bonus depreciation under IRC 168(k).
Current year new employees HI jobs credit (Force)
Enter the amount of Hawaii jobs credit claimed that applies to current-year new employees. If blank, UltraTax CS uses the amount entered in
Credit for employment of vocational rehabilitation referrals (Form N-884)
in the HICredit screen.Page One Deductions
Use this section to complete Form N-20, Page 1.
note
If
Allocating income on the basis of separate accounting
on the HIAlloc screen is marked, amounts entered in these boxes won't adjust Form N-20, Page 1, lines 14a - 14c. Amounts entered in these boxes will be included in the calculation of ordinary income that appears on Form N-20, Page 2, line 1, column c.Federal employment credits (Force)
Use this box to change the amount of federal employment credits shown on Form N-20, Page 1, line 14b. If blank, UltraTax CS uses the federal calculated amount.
Entertainment subject to 50% limit
UltraTax CS transfers the amount of nondeductible entertainment expenses from the federal M1M2 and M3-3 screens to this box, and are included on Form N-20, Page 1, line 14c. When specially allocated, the amounts are included on Form N-20, Page 2, line 11.
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from HI Schedule K
Hawaii requires partnerships to separately report the disposal of assets where section 179 expense was claimed in a prior year. These disposals are no longer reported on Schedule D-1, but instead are reported on HI Schedule K, line 32. This amount is calculated from information entered in the HISalePT, HI8824PT and HIK1Sale 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 N-15. 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 box 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.