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Screen OHCGen - Ohio Cities Adjustments, Sales with Section 179 Exp (1065)
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Federal-to-state input screen and asset module data transfer
If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue.
If necessary, you can overrule the transferred amount by entering the amount in the box. The application then displays the new amount in black.
note
- When you overrule a transferred amount, the application doesn't overwrite that amount with subsequent federal-to-state or asset module data transfers.
- To delete the overruled amount and restore the original transferred amount, right-click the box and select Delete overrule or simply enter the original amount in the box.
- To confirm the accuracy of the overruled amount, right-click the box and select Acknowledge overruled data. The application then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
- If desired, you can set a user preference to mark boxes for which you overruled the transferred amounts and to list all overruled amounts in the Diagnostics window.
Statements
Many data entry boxes provide predefined statements in which you can enter additional information.
Accessing frequently asked questions
To view answers to common questions about calculations and data entry issues, select Help, Additional Resources, then Frequently Asked Questions.
Special allocations
Select Ptr Alloc to specially allocate items to partners using ratios that are different from the profit / loss ratios.
Amounts that are specially allocated for federal purposes need to be specially allocated for state purposes, unless you've selected the option to default state partner allocations to federal allocated amounts. When this is selected, only those state allocations that correspond to a specific federal allocation will default.
To select this option, enter
X
in Default state partner special allocations to the corresponding federal special allocation
on the federal CltOptns screen.To mark
Default state partner special allocations to the corresponding federal special allocation
one time for all new clients, select Setup, 1065 Partnership, Federal tab, select New Client Options, and mark Default state partner allocations to federal allocated amounts (Screen CltOptns)
in the Return Presentation tab.Statement special allocations
You may allocate statement items separately to partners directly in the statements. The statement items are printed separately for each partner on an item-by-item basis. For details, see Partner Data Entry, then Special Allocation window.
Apportionment
Apportionment information is entered in one place for all states attached to the return. To enter apportionment information for all states, select View, then Apportionment.
Items Not Deductible
5% of non-taxable income expense
Information in the statement transfers from Schedule K, lines 5, 6a, and line 11. Five percent of the federal amount column in the statement is transferred to the corresponding form boxes. This box applies to all Ohio Cities returns. The codes are listed in the fieldview.
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 won't overwrite the new data with subsequent federal-to-state data transfers.
City or state taxes
UltraTax CS transfers the taxes entered in teh federal Inc, F-2, 4835-2, and Rent screens, and in the
Total foreign taxes Paid
and Accrued
statement in the federal KFrgn and K1Frgn screens to the statement attached to this box. This box applies to all Ohio Cities returns. 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 the return of the city selected in the City Code
column. If the City Code
column is left blank, the taxes will be included in all city returns.City Code | Type Code | Description | Destination |
|---|---|---|---|
any | O | Other (default) | Doesn't transfer to the returns |
AKR | T | Taxes based on income | Akron Form BR, Page 2, Worksheet X, line 7D |
CCA | T | Taxes based on income | CCA Form 120-17-BR, Page 1, Schedule X, line C |
CIN | T | Taxes based on income | Cincinnati Business Return, Page 2, Schedule X, line B |
COL | T | Taxes based on income | Columbus Form BR-25, Page 2, Schedule X, line 4C |
GEN (any) | T | Taxes based on income | Generic Form Z, Page 2, Schedule X, line c |
RIT | T | Taxes based on income | R.I.T.A. Form 27, Page 3, Schedule X, line B |
TOL | T | Taxes based on income | Toledo Income Tax Return, Page 2, Schedule X, line 6C |
note
If the Municipal net profit tax return is being filed and the city code is blank, the taxes based on income will be included on Form MNP 10, Page 2, Schedule A, line 2. If the Municipal net profit tax return is being filed and city codes are selected, the taxes based on income will be included on Form MNP 10, Page 4, Schedule B - Separate, Adjusted FTI Plus Pre-Apportionment Adjustments column for each specific city selected.
Items Not Taxable
Other deductions
UltraTax CS transfers the amount of federal expenses that were reduced or income increased due to the federal credits of Employer Differential Wage Payments, Health Insurance Premiums, Increasing Research Activities, Disabled Access, Work Opportunity, Orphan Drug, Small Employer Pension, Employer Social Security and Medicare Taxes Paid on Employee Tips, Employer Family and Medical Leave, and Employer Provided Child Care to the statement attached to this box. This box applies to all Ohio Cities returns. The codes are listed in the fieldview.
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 won't overwrite the new data with subsequent federal-to-state data transfers.
Allocate rent and royalty income
Enter
X
to allocate rent and royalty income (loss). If this box isn't marked, the application includes rent and royalty income (loss) with income that is apportioned. If this box is marked, then rent and royalty income (loss) isn't included with income that is apportioned.Rent and royalty income (loss) allocated to city
Use the statement to allocate rent and royalty income (loss) to a specific city. Information in this statement transfers from the federal Rent, 4835, and K1 screens. If
Rent and royalty income (loss) allocated to city
isn't marked, this box will be ignored. This box applies to all Ohio Cities returns. The codes are listed in the fieldview.note
You'll need to allocate the rent and royalty income (loss) to each city for
all
cities attached to the return. If City Code
is blank, the city income amounts will be allocated outside of all
cities attached to the return.Amounts associated with a property can be changed in the statement. UltraTax CS 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 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 federal 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. When the calculated amount is used, the default treatment for the gain or loss is IRC Section 1231. Use the statement attached to the
Force
box to override the calculated amount. Select the cities to which the adjustment will apply. If 0
(zero) is entered, no adjustment will be made.This amount will be included on the following forms:
City Code | Code | Gain/loss included on Form / line | Adjustment to gain/loss included on Form / line |
|---|---|---|---|
All Cities (default) | 1231 (default) | See as indicated | See as indicated |
All Cities (default) | Ordinary | See as indicated | See as indicated |
AKR | 1231 (default) | Akron Form BR, Page 2, Worksheet X, line 1 | Akron Form BR, Page 2, Worksheet X, line 7A (loss) or 8A (gain) |
AKR | Ordinary | Akron Form BR, Page 2, Worksheet X, line 1 | N/A |
CCA | 1231 (default) | CCA Form 120-17-BR, Page 1, line 1 | CCA Form 120-17-BR, Page 1, Schedule X, line A (loss) or N (gain) |
CCA | Ordinary | CCA Form 120-17-BR, Page 1, line 1 | N/A |
CIN | 1231 (default) | Cincinnati Business Return, Page 1, line 1 | Cincinnati Business Return, Page 2, Schedule X, line A (loss) or H (gain) |
CIN | Ordinary | Cincinnati Business Return, Page 1, line 1 | N/A |
COL | 1231 (default) | Columbus Form BR-25, Page 2, Schedule X, line 1 | Columbus Form BR-25, Page 2, Schedule X, line 4A (loss) or 5A (gain) |
COL | Ordinary | Columbus Form BR-25, Page 2, Schedule X, line 1 | N/A |
GEN (any) | 1231 (default) | Generic Form Z, Page 2, Schedule C | Generic Form Z, Page 2, Schedule X, line a (loss) or n (gain) |
GEN (any) | Ordinary | Generic Form Z, Page 2, Schedule C | N/A |
RIT | 1231 (default) | R.I.T.A. Form 27, Page 1, line 1 | R.I.T.A. Form 27, Page 3, Schedule X, line A (loss) or N (gain) |
RIT | Ordinary | R.I.T.A. Form 27, Page 1, line 1 | N/A |
TOL | 1231 (default) | Toledo Income Tax Return, Page 1, line 4 | Toledo Income Tax Return, Page 2, Schedule X, line 6A (loss) or line 7A (gain) |
TOL | Ordinary | Toledo Income Tax Return, Page 1, line 4 | N/A |
note
If the Municipal net profit tax return is being filed and the city code is blank, the gain/loss coded 1231 (default) will be included on Form MNP 10, Page 2, Schedule A, line 10. If the Municipal net profit tax return is being filed and city codes are selected, the gain/loss coded 1231 (default) will be included on Form MNP 10, Page 4, Schedule B - Separate, Adjusted FTI Plus Pre-Apportionment Adjustments column for each specific city selected .
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.