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Screen ILAdj - Illinois Base Income/Loss Adjustments (1065)

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Ordinary Income (Loss) and Unmodified Base Income

Other items of income (loss) not included in ordinary income
UltraTax CS transfers all other income information from the federal K and CODI screens to this statement. 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 won't overwrite the new data with subsequent federal-to-state data transfers.
Other items of expense not included in ordinary income
UltraTax CS transfers all information from the
Other deductions
 statement on the federal K-2 and CODI screens to this statement for reclassification purposes. 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 won't overwrite the new data with subsequent federal-to-state data transfers.

Disposal of Property with Section 179 Expense in Prior Year

Gain / loss reported separately from federal Sch K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on Forms 4797 and 8824, 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 is included on Form IL-1065, Page 1, Step 2, line 6 and Schedule K-1-P. UltraTax CS prints a nonsubmittable statement detailing this amount. Use the
Force
 box to override the calculated amount. If
0
 (zero) is entered, no adjustment will be made.

Additions

State, municipal, and other interest income
UltraTax CS transfers amounts from the federal K-4 screen to this statement to determine the adjustment to complete Form IL-1065, Page 2, line 15. Use the class codes listed in the following table to classify these amounts. 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 won't overwrite the new data with subsequent federal-to-state data transfers.
Class Code
Description
Destination
A
IL Allocable Nonbusiness
Form IL-1065, Page 2, Step 4, line 15; and Schedule K-1-P, Page 2, line 32, columns A and B
B
Business (Default)
Form IL-1065, Page 2, Step 4, line 15; and Schedule K-1-P, Page 2, line 32, columns A and B, apportioned
N
Nonbusiness
Form IL-1065, Page 2, Step 4, line 15; and Schedule K-1-P, Page 2, line 32, column A
Illinois replacement taxes
UltraTax CS proformas the prior year replacement tax from Form IL-1065, line 58 to
Calculated Amount
 to determine the adjustment to complete Form IL-1065, Page 2, line 16. To change the adjustment amount or classify a portion as nonbusiness, enter the desired amounts in the
Force
 boxes.
  • Amounts classified as
    Business
     are reported on Form IL-1065, Page 2, Step 4, line 16; and Schedule K-1-P, Page 2, line 33, columns A and B, apportioned.
  • Amounts classified as
    Nonbusiness - Total
     are reported on Form IL-1065, Page 2, Step 4, line 16; and Schedule K-1-P, Page 2, line 33, column A. Amounts are then added to the calculation of Illinois 1065 Section B Line 1 (which should only include amounts reported on Step 3 Column A Line 10 through Line 19).
  • Amounts classified as
    Nonbusiness - Illinois
     are reported on Schedule K-1-P, Page 2, line 33, column B. Amounts are then added to the calculation of Illinois 1065 Section B Line 1 (which should only include amounts reported on Step 3 Column A Line 10 through Line 19).

Subtractions

US obligation interest and dividends
UltraTax CS transfers U.S. interest amounts from the federal K screen to this statement to determine the adjustment to complete Form IL-1065, Page 2, line 24. Use the class codes listed in the following table to classify these amounts. 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 won't overwrite the new data with subsequent federal-to-state data transfers.
Type Code
Description
Destination
A
IL Allocable Nonbusiness
Form IL-1065, Page 2, Step 5, line 24; and Schedule K-1-P, Page 2, line 38b, columns A and B
B
Business (Default)
Form IL-1065, Page 2, Step 5, line 24; and Schedule K-1-P, Page 2, line 38a, columns A and B, apportioned
N
Nonbusiness
Form IL-1065, Page 2, Step 5, line 24; and Schedule K-1 P, Page 2, line 38b, column A

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