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Screen OKUnit - Oklahoma Taxable Income of Unitary Enterprise (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 federal Screen 8824PT, Screen SalePT, and Screen K1Sale. 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 514, Part 3, line 6. A statement will print detailing this amount. Use the Force field to override the calculated amount. If
0
(zero) is entered, no adjustment will be made.Section 179 included in gain / loss
This field 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.
Income Computation for a Unitary Enterprise
Adjustment for federal tax credits
UltraTax CS transfers the adjustments made to federal other income, salaries and wages, taxes and licenses, and other deductions 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 will not overwrite the new data with subsequent federal-to-state data transfers.
Interest on state obligations
UltraTax CS automatically transfers exempt interest from Screens K-4 and K1-5 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 will not overwrite the new data with subsequent federal-to-state data transfers.
Partner's Share of Items
Oklahoma guaranteed payments (Force)
UltraTax CS defaults to the guaranteed payments calculated on Form 1065, Schedule K. Enter an amount if you want an amount different from what the application calculated.
Composite Supplement
Additions and subtractions
Enter Oklahoma additions and subtractions for Form 514-PT and Form 514-PT-SUP, column C, in the statement. The adjustment for US government obligations is combined with the adjustments entered in this statement.
Nonresident tax (Force)
UltraTax CS calculates the tax on Form 514-PT and Form 514 PT-SUP, column H based on the distributive share of taxable income for those partners included in the composite filing. Enter an amount to override the calculated amount.
Calculate IRC Section 965(h) installment payment
Enter
X
to calculate the IRC Section 965(h) installment payment. Entering X
adds the calculated or forced IRC Section 965(h) installment payment to Form 514, Page 1, Line 2, Nonresident Oklahoma tax field and places code 2 in the box to the left of the field to indicate that an installment payment is being made.IRC Section 965(h) installment payment
UltraTax CS calculates the IRC Section 965(h) installment payment based on the IRC Section 965 net income tax liability. This amount is included on Form 514, Page 1, Line 2. Enter an amount to override the calculated amount.