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Screen TNInc - Tennessee Sales and Adjustments (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 federal Forms 4797 and 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 is included on Form FAE 170, Page 3, Schedule J-1, line 2 or Form FAE 174, Page 4, Schedule J-1, line 2. A nonsubmittable statement prints detailing this amount. Use the
Force
 field to override the calculated amount. If
0
 (zero) is entered, no adjustment is 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.

Section 108(i) Federal Deferred Information

Section 108(i) deferred federal income (Force)
UltraTax CS automatically calculates this amount and includes it on Form FAE 170, Page 3, line 2 or Form FAE 174, Page 4, line 2. A nonsubmittable statement prints, detailing this amount. Enter an amount to override the calculated amount.
Section 108(i) OID deferred federal deduction (Force)
UltraTax CS automatically calculates this amount and includes it on Form FAE 170, Page 3, line 5, or FAE 174, Page 4, line 5. A nonsubmittable statement prints, detailing this amount. Enter an amount to override the calculated amount.

Schedule J-1 Adjustments

Self-employment taxes distributed or paid (Force)
Use this field to override the federal amount of net earnings from self-employment. This amount entered is used on Form FAE 170, Page 3, Schedule J-1, line 6, or Form FAE, 174, Page 4, Schedule J-1, line 6.
Pension, benefit, or 401(k) plan contributions of any partner or member
Enter the amount of contribution, not previously deducted, to qualified pension or benefit plans of any partner or member. The amount entered is used on Form FAE 170, Page 3, Schedule J-1, line 7, or Form FAE 174, Page 4, Schedule J-1, line 7.

Schedule J Adjustments

Tennessee excise tax deducted on federal return
UltraTax CS transfers the taxes entered in the federal Inc and Rent screens to the statement. Use the type codes listed in the drop-down and in the following table to classify the amounts as Tennessee excise taxes or other types of taxes. Items classified as Tennessee excise taxes are included on Form FAE170 or Form FAE 174.
Type Code
Description
Destination
O
Other (default)
Excluded
T
Tennessee excise taxes
FAE 170, Page 4, line 5, or FAE 174, Page 5, line 8
Interest on obligations of states and their political subdivisions
UltraTax CS transfers tax-exempt interest from 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 will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Any expense not deducted on federal return, for which a federal tax credit is allowed
Use the statement to enter relevant information. UltraTax CS transfers the amount of federal expenses that were reduced or income increased due to federal credits. These include the Increasing Research Activities, Disabled Access, Work Opportunity, Tip Tax, Orphan Drug, Small Employer Pension, Employer Provided Child Care, Health Insurance Premiums, Employer Differential Wage Payments, and Employer Family and Medical Leave credits. 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. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Schedule M - Total / Tennessee nonbusiness earnings
Enter nonbusiness earnings information for allocation purposes in this statement. All items entered transfer to Schedule M and Page 4 of the Tennessee return. Use the
Location Code
field within the statement to classify whether an item is inside or outside of Tennessee. You can enter the codes directly or choose from the drop-down. To enter apportionment information, choose View, then Apportionment.
Location
Description
Destination
IS
Inside TN (default)
FAE 170, Page 4, Schedule J, lines 20 and 29, or Form FAE 174, Page 5, Schedule J, lines 24 and 34.
OS
Outside TN
FAE 170, Page 4, Schedule J, line 20, or Form FAE 174, Page 5, Schedule J, line 24.

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