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Screen MIAdj - Michigan Adjustments (1065)
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Additions
State and local taxes measured by income
UltraTax CS transfers tax amounts from 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 807.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Does not transfer to the return. |
T | Taxes measured by income | Form 807, Page 2, line 33. |
State and municipal interest
The statement contains all relevant information entered in the federal K-4 and K1-5 screens for tax-exempt interest.
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.
Subtractions
Other miscellaneous subtractions
UltraTax CS automatically transfers credit items from federal credit 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 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 a prior year. These dispositions are no longer reported on Form 4797 and Form 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 807; MI Composite Participants’ Distributive Income Worksheet; and the MI Partner’s Share of Income, Additions and Subtractions Worksheet. Use the
Force
box to override the calculated amount. If 0
(zero) is entered, no adjustment is made.