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Screen VAAdj - Virginia Adjustments and Allocations (1065)
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Additions
Taxes used as deduction to determine taxable income
UltraTax CS transfers the taxes entered in the Inc federal screen, the F-2 screen, the 4835-2 screen, and the Rent screen to this statement. Use the type codes listed in the fieldview and in the following table to classify the amounts as taxes based on income or other types of taxes.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Doesn't transfer to return |
T | Taxes based on income | Form 502, line 10 |
State and municipal interest from other than Virginia
UltraTax CS transfers amounts from the K-4 and K1-5 federal screens to this statement to determine the modifications to federal taxable income. To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and doesn't 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.
Subtractions
Other subtractions
UltraTax CS transfers the amount of federal expenses that were reduced or income increased due to federal credits to the statement attached to this field. These credits include Increasing Research Activities, Disabled Access, Orphan Drug, Small Employer Pension Plan Startup Costs, Employer Differential Wage Payments, Employer-Provided Childcare Facilities and Services, Employer Social Security and Medicare Taxes Paid on Certain Employee Tips, Small Employer Health Insurance Premiums, and Employee Family and Medical Leave. Use the fieldview to select the correct code for each amount. To exclude an item from the state return, delete the amount, enter a 0, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and doesn't 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.
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 disposal of assets where section 179 expense was claimed in a prior year. These disposals are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the 8824PT federal screen, the SalePT screen, and the K1Sale screen.
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 502, line 1, and Schedule VK-1. 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.