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Screen KYTDAdj - Tax District Adjustments (1065)
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Adjusted Net Profit
State income taxes and occupational license fees
UltraTax CS transfers the taxes entered in the federal Inc, F-2, 4835-2, and Rent screens to this statement. Use the type codes listed in the following table to classify the amounts as taxes based on income or other types of taxes. Items classified as taxes based on income are included on Form OL-S/OL-D.
Type Code | Description | Destination |
|---|---|---|
T | Taxes based on income | Form OL-S/OL-D, Page 4, line 9 |
O | Other (default) | Does not transfer to return |
Other adjustments
This statement contains all the net credit adjustments to expenses based upon information entered in the federal credit screens. 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 doesn'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 Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where section 179 expense was claimed in the 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 on the section 179 deduction when calculating the gain or loss. This amount is included on Form OL-S/OL-D, Page 4, line 10. A nonsubmittable statement prints, detailing this amount. Use the
Force
box to override the calculated amount. If 0
is entered, no adjustment is 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.