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Screen VTAdj - Vermont 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 8824PT, SalePT, and K1Sale federal screens and included on Form BI-473, line 10 or Form BI-472, line 9; and Schedule K-1. A 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 adjustment to income
This field contains the total Section 179 expense deduction that was originally claimed on the assets sold during the tax year. 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 BI-473, line 10 or Form BI-472, line 9; and Schedule K-1. A statement prints, detailing this amount. Use the
Force
field to override the calculated amount. If 0
(zero) is entered, no adjustment is made.Income Adjustment
Income NOT characterized as unrelated income business income
Enter the total Vermont income
not
characterized as Unrelated Business Income (UBI) for federal purposes. The amount entered is only applicable to tax-exempt partners only, and is used on Schedule K-1VT, page 1, line 10.State income taxes
UltraTax CS transfers the taxes entered in federal Inc, F-2, 4835-2, and Rent screens to the statement. Use the type codes 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 Schedule K-1VT for certain partner types.
Type Code | Description | Destination |
|---|---|---|
T | Texas based on income | Schedule K-1VT, Page 1, line 14 |
O | Other (default) | Doesn't transfer to return |
Other adjustments
Use this statement to enter additions and subtractions on Schedule BI-477, Page 2, line 26. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire lien item from the statement. UltraTax CS displays the modified column in black and does 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 the Statements overview.
Form BI-472: Other adjustments to Vermont income
Use this statement to enter additions or subtractions (not included on Schedule BI-477) on Schedule BI-472, line 2.
Form BI-473: Composite net operating loss
Use this statement to enter composite return net operating loss carryforward amounts on Form BI-473, line 6.
Form BI-473: Additional adjustments
Use this statement to enter additions or subtractions (not included on Schedule BI-477) on Schedule BI-473, line 7.
Other Income Amounts
UltraTax Cs uses this section to calculate the amount of US Form 4684 long-term gain or loss on Schedule BI-477, Page 2, line 19.