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Future of professionals report 2025
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Screen MCAdj - Michigan Cities Adjustments (1065)
Show all hidden content
Ordinary Income
City income tax deducted on federal return
This statement contains all relevant information entered in the federal Inc Screen. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. The application displays the modified column in black and will 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 a section 179 expense was claimed in a prior year. These dispositions are no longer reported on federal Form 4797 and Form 8824, but instead are reported on federal Schedule K, line 20c and Schedule K-1. This amount is calculated from information entered in the federal 8824PT Screen, SalePT Screen, and the K1Sale Screen.
The application 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 GR1065, Page 2, Schedule B, line 5 and Schedule K-1. A nonsubmittable statement prints, detailing this amount. Use the
Force
field to override the calculated amount. If 0
(zero) 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.
Nonbusiness Income
Other income allocated outside of the city
The application transfers the other income (loss) amounts from the federal K Screen and K1 Screen to this statement. Use the type codes listed in the fieldview to classify the amounts as being allocated inside or outside the city. Also, use the city codes listed in the fieldview to classify the amounts to the correct city.