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Screen NYK1 - New York Passthrough Income and Deductions (1065)

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Passthrough Income

Other income (loss) items: Other portfolio income (loss) / Other income (loss)
These statements contain all the related information entered in the federal K1 and K1-2 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 won'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 fed Sch K, ln 20c
The IRS requires partnerships to separately report the sale of assets where Section 179 expense was claimed in a prior year. These sales are no longer reported on Form 4797, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal 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 1065, Page 2, Schedule E, line 6, and Schedule K-1. A nonsubmittable statement prints detailing this amount.
Enter the total amount of gain included in pass-through income in
Total
, and the New York gain amount in
NY Source
.

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