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Screen INAdj - Indiana Modifications and Section 179 Disposals (1065)
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Out of state municipal obligation interest
UltraTax CS transfers tax-exempt interest income from the federal K-4 and K1-5 screens to these statements. 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 will be included on Form IT-65, Schedule IN K-1, line 10, Schedule IT-65COMP, and Form WH-18. A nonsubmittable partner K-1 statement will print 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.