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Screen MNAdj - Minnesota Partnership Adjustments (1065)

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Source Income (Loss) and Deduction Adjustments

Rental real estate activities are non-business
Enter
X
 if the partnership is
not
 in the business of rental real estate activities. If this field is marked, UltraTax CS only displays the Minnesota rental real estate and farm rental income (the rental real estate activities from the MNRent Screen and the farm rental activities from the MNFR Screen with state postal code
MN
or blank and any passthrough income included in the
Rental real estate passthrough income (loss)
 field) on Schedule KPI, line 28. If this field is
not
 marked, the apportionment percentage calculated on Schedule M3A is applied to the
total
rental income (loss) and displayed on Schedule KPI, line 28. This checkbox also determines how rental real estate activities are included in the calculation of Minnesota Source Gross Income and Minnesota Section 179 Business Income.
Other rental activities are non-business
Enter
X
if the partnership is
not
 in the business of other rental activities. If this field is marked, UltraTax CS displays only the
Minnesota
 other rental income (the other rental activities from the MNRent and MNFR Screens, not included on the MN Rent and Royalty Schedule, with state postal code
MN
or blank and any passthrough income included in the
Other rental passthrough income (loss)
 field) on Schedule KPI, line 29. If this field is
not
 marked, the apportionment percentage calculated on Schedule M3A is applied to the
total
other rental income (loss) and displayed on Schedule KPI, line 29. This checkbox also determines how other rental activities are included in the calculation of Minnesota Source Gross Income and Minnesota Section 179 Business Income.
Interest income
UltraTax CS transfers interest income amounts from the federal K and K1 Screens to the statement attached to this field. 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.
Ordinary dividends
UltraTax CS transfers ordinary dividend income amounts from the federal K and K1 Screens to the statement attached to this field. 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.
Other income (loss)
UltraTax CS transfers other income amounts from the federal K and K1-2 Screens to the statement attached to this field. 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.
Rental real estate passthrough income (loss)
UltraTax CS automatically transfers amounts from the federal K1 Screen to the statement attached to this field. 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 does not overwrite the new data with subsequent federal-to-state data transfers.
Other rental passthrough income (loss)
UltraTax CS automatically transfers amounts from the federal K1 Screen to the statement attached to this field. 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.
Royalty passthrough income (loss)
UltraTax CS automatically transfers amounts from the federal K1 Screen to the statement attached to this field. 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.

Adjustments

Adjustment to ordinary income (loss)
Enter any adjustment to the amount on federal Form 1065, Schedule K, line 1. The adjusted amount is added to the amount on Schedule KPI, line 27. UltraTax CS transfers the amount of federal expenses that were reduced or income increased due to federal credits. These include the Increasing Research Activities, Disabled Access, Work Opportunity, Tip Tax, Orphan Drug, Small Employer Pension, Employer-Provided Child Care, Employer Differential Wage Payments, Health Insurance Premiums, and Employer Family and Medical Leave credits.

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 Screen, SalePT Screen, and K1Sale Screen.
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 Schedule KPI, line 36. Use the
Force
 field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.

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