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Screen NMAdj - New Mexico 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, 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 PTE, line 6 and Schedule K-1. A nonsubmittable statement prints detailing this amount. Use the
Force
box to override the calculated amount. If 0
is entered, no adjustment is made.Section 179 included in gain / loss
This box 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.
Adjustments
Interest income from taxable municipal bonds
This statement contains all relevant information entered in the federal Inc and K-4 screens. To exclude an item from the state return, delete the amount, enter zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
For more information (including details on setting a user preference to mark boxes for which you overruled the transferred amount), see Statements overview.
Interest from US obligations, if different from federal Screen K
UltraTax CS transfers interest from U.S. obligations from the federal K and K1 screens directly to Form PTE, line 9. Use this box to enter an amount different from the federal amount.
Expenses related to income from US obligations
Enter the amount of expenses related to income from U.S. obligations. UltraTax CS subtracts this amount from the calculated amount or the amount entered for interest from U.S. obligations, to calculate the net interest income from U.S. obligations.
Dividends from US obligations, if different from federal Screen K
UltraTax CS transfers dividends from U.S. obligations from the federal K and K1 screens directly to Form PTE, line 9. Use this box to enter an amount different from the federal amount.
Expenses related to income from US obligations
Enter the amount of expenses related to income from U.S. obligations. UltraTax CS subtracts this amount from the calculated amount or the amount entered for dividends from U.S. obligations, to calculate the net dividend income from U.S. obligations.