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Screen OHAdj - Ohio Additions, Deductions, and Section 179 (1065)
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Deductions
Federal dividends exempt from state taxation
UltraTax CS automatically transfers ordinary dividend income from the federal K and K1 screens to this statement. U.S. interest entered in the federal K and K1 screens is automatically added to the amounts included in this statement when calculating Forms IT-1140 and IT-4708. The amounts in this box transfer to Form IT-1140, Page 2, Schedule II, line 11; and Form IT-4708, Page 4, Schedule III, line 36.
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Sch 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 the 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 will be included on Form IT-1140, Page 2, Schedule II, line 9 for qualifying investors; and Form IT-4708, Page 3, Schedule II, line 32 for composite filers. A nonsubmittable statement will print detailing this amount. Use the
Force
box to override the calculated amount. If 0
(zero) is entered no adjustment will be 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.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1065 Partnership
- State: Ohio