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Screen ORAdj - Oregon Adjustments (1065)

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Additions

Interest on government bonds of other states
The statement attached to this box contains information entered for tax-exempt interest income in the federal K-4 and K1-5 screens. 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.

Subtractions

Other subtractions
UltraTax CS transfers the amounts of the partnership’s Biofuel Producer Credit, Disabled Access Credit, Empowerment Zone and Renewal Community Employment Credit, Indian Employment Credit, Credit for Increasing Research Activities, Tip Tax Credit, Biodiesel and Renewable Diesel Fuels Credit, Credit for Small Employer Pension Plan Startup Costs, Orphan Drug Credit, and Employer Family and Medical Leave Credit to the statement attached to this box.
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.
Section 108(i) deferred federal income adjustment (Force)
UltraTax CS automatically calculates this amount and includes it on Form OR-65, Schedule I, lines 12 through 15; Form P-2019, line 3; Schedule OR-K-1, Distributive Share of Income, Deductions, Credits, Etc. for Individual Owners of Pass-Through Entities; and the OR Partner’s Share of Income, Modifications and Credits Worksheet. Enter an amount in this box to override the calculated amount.

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 will be included on Form OR-65, Schedule OR-AP part 2, line 1; Form OR-OC; Form P-2019; Schedule OR-K-1, Distributive Share of Income, Deductions, Credits, Etc. for Individual Owners of Pass-Through Entities and the OR Partner’s Share of Income, Modifications and Credits Worksheet.

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