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Screen MSAdj - Mississippi Net Taxable Income Schedule Adjustments (1065)

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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 and included on Form 84-122, Page 1, line 2 and on MS Schedule K-1, line 10. 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 disposed during the tax year. This amount is provided for reference purposes only.

Additions

State, local or foreign government taxes based on income
UltraTax CS transfers the tax amounts entered in the federal Inc Screen, F-2 Screen, 4835-2 Screen, and Rent Screen, to this statement. Use the type codes listed in the fieldview and 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 84-122, line 5.
Type Code
Description
Destination
O
Other (default)
Does not transfer to return
T
Taxes based on net income
Form 84-122, line 5
Interest on obligations of other states or political subdivisions
UltraTax CS transfers tax-exempt interest income amounts entered in the federal K-4 Screen and K1-5 Screen to the 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 does not overwrite the new data with subsequent federal-to-state data transfers.
Reforestation tax credit adjustment (Force)
Enter amount and specially allocate in these fields to force reforestation tax credit adjustment. UltraTax CS uses the information entered here on Form 84-122, Page 1, line 9, 84-131, and Mississippi Schedule K-1.

Deductions

Other deductions
UltraTax CS transfers the amount of federal credits that reduced expenses to this statement from the following federal credits:
  • Disabled Access Credit;
  • Biofuel Producer Credit;
  • Credit for Increasing Research Activities;
  • Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips;
  • Credit for Small Employer Pension Plan Startup Costs, Auto-Enrollment, and Military Spouse Participation;
  • Credit for Employer-Provided Childcare Facilities and Services;
  • Biodiesel, Renewable Diesel, or Sustainable Aviation Fuels Credit; and
  • Credit for Small Employer Health Insurance Premiums.

Schedule K Amounts

Enter amounts and specially allocate in these fields to force different amounts for 4684 loss/gain to nonresident partners for Mississippi purposes. Amount entered must exclude amounts from passthrough entities. Use the
MSK1-2
 and
MSK1-3
 screens to adjust the 4684 loss/gain amounts from passthrough entities.

Other

Total 4684 long-term gain (loss) from passthrough entities
Specially allocate Total 4684 long-term gain (loss) from passthrough entities in this field to complete Mississippi Schedule K-1 and MS Nonresident Partner’s Source Income Worksheet.
Total section 179 expense from passthrough entities
Specially allocate Total section 179 expense from passthrough entities in this field to complete Mississippi Schedule K-1 and MS Nonresident Partner’s Source Income Worksheet.

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