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Screen LVGen - Louisville Occupational License Fees Return (1065)
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General Information
Amended return
If the Kentucky return is amended and this field is blank, the Louisville Occupational License Tax return is marked as amended. If the state return is not amended, but you wish to amend the Louisville return, enter
1
. If you do not wish to amend the Louisville return when amending the state return, enter 2
and the Louisville return is not marked as an amended return.Final return
If the KY return is final and this field is blank, the Louisville return is marked as final. If the KY return is not final, but you wish to mark the Louisville return as final, enter
1
. If you do not wish to mark the Louisville return as final when the KY return is final, enter 2
.Date operations ceased
If the taxpayer is filing a final Louisville return but not a final federal return, enter the date. If the taxpayer is filing a final federal return, or a final Kentucky return, UltraTax CS automatically marks the Louisville return as final. When this field is marked, UltraTax CS does not perform estimate calculations, generate any estimates, or print the estimate filing instructions.
Principal business activity
Enter the type of business to print on Form OL-3. UltraTax CS assumes that this is the same as the federal principal business activity if no information is entered in this field.
Business telephone number
Enter the telephone number to print on Form OL-3. UltraTax CS assumes that this is the same as the federal telephone number if no information is entered in this field.
Signer name / Signer title if different from federal Screen Contact
Enter the name, title, and social security number of the signer to print on Form OL-3. UltraTax CS assumes that this is the same as the federal partnership representative if no information is entered in the
Signer name if different from federal Screen Contact
field.General footnote
Use this statement to enter any miscellaneous information that needs to be conveyed with the return. The general footnote appears as a separate item in each collation.
Adjusted Net Profit
State income and occupational license taxes
UltraTax CS transfers the taxes entered in the federal Inc, F-2, 4835-2 and Rent screens to the 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-3.
Type Code | Description | Destination |
|---|---|---|
T | Taxes based on income | Form OL-3, Page 2, line 10 |
O | Other (default) | Does not transfer to return |
Other adjustments
The 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 does not 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-3, Page 2, line 11. A nonsubmittable statement prints, detailing this amount. Use the
Force
field to override the calculated amount. If 0
is entered, no adjustment is made.Section 179 included in gain / loss
This field 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.