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Screen ILAlloc - Illinois Allocated Amounts (1065)
Show all hidden content
Allocated Items
Rental real estate activities are nonbusiness
Enter
X
to indicate that rental real estate activities are nonbusiness. UltraTax CS automatically allocates farm rentals and real estate rentals on Schedules NB and K-1-P, based on the state postal code entered in the federal 4835 and Rent screens. If this box isn't marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Other rental activities are nonbusiness
Enter
X
to indicate that other rental activities are nonbusiness. UltraTax CS automatically allocates other rentals on Schedules NB and K-1-P, based on the state postal code entered in the federal Rent screen. If this box isn't marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Royalty activities are nonbusiness
Enter
X
to indicate that royalty activities are nonbusiness. UltraTax CS automatically allocates all royalties as Other Royalty Income on Schedules NB and K-1-P, based on the state postal code entered in the federal Rent screen. If this box isn't marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income. To classify income as patent or copyright royalties, don't mark this box and use the boxes in the Nonbusiness Income section of this input screen.Passthrough income is apportionable
Enter
X
to indicate that passthrough activities are apportionable, including unitary income and income completely from Illinois. UltraTax CS uses the partner’s Member Share amounts on the ILK1, ILK1-2, ILK1-3, ILK1Frgn, and ILK1CODI screens multiplied by the partnership’s apportionment percentage to calculate state source income. If this box isn't marked, UltraTax CS uses the Member Share to Illinois amounts entered on the ILK1, ILK1-2, ILK1-3, ILK1Frgn, and ILK1CODI screens to allocate passthrough income on IL-1065, lines 37 and 45, and Schedule K-1-P.Nonbusiness Income
Use this section to complete Schedule NB, Nonbusiness Income. Don't include amounts received from other passthrough entities. Enter passthrough amounts on the ILK1 screen.
Interest / … / Other royalty income / Other nonbusiness income and expense
Enter the total nonbusiness income in the Total Everywhere column. UltraTax CS subtracts this amount from the total federal amount before multiplying by the apportionment percentage. Enter the Illinois nonbusiness amount in the Within Illinois column. UltraTax CS adds this amount to the apportioned business amount and displays the totals on Schedule K-1-P. The amounts displayed on Schedule NB don't include the portion of nonbusiness income or loss distributable to partners subject to replacement tax.
Capital gain (loss) - real property / … / Capital gain (loss) - intangible personal property
Use these statements to enter the nonbusiness capital gains and losses. Use the class codes listed in the following table to classify these amounts.
Class Code | Description | Destination |
|---|---|---|
L | Long-term | Schedule NB, line 7-9; and Schedule K-1-P, Page 1, lines 16-18, columns A and B |
S | Short-term | Schedule NB, line 7-9; and Schedule K-1-P, Page 1, lines 16-18, columns A and B |
note
The nonbusiness portion is deducted from the total federal income to be reported on Schedule K-1-P, Step 4. These amounts are automatically deducted from Schedule K-1-P, Page 1, lines 26 and 27, depending on the code entered in this section.
Apportionment factor from two years ago / last year
Enter amounts in these boxes to reflect the factors equal to Form IL-1065, Page 2, Step 6, line 42 for each of the preceding periods.
Other Allocated Items
Use this section to specially allocate the total everywhere Section 179 expense from passthrough entities to partners. Use this box only if the partnership has an allocation for Section 179 expense that differs from the profit-sharing percentages.