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Screen K1-2 - 1065/1041 - Income (1120)
Income
Form 4797 ordinary gain (loss)
The application transfers the amount you enter in this field to Form 4797, Part II, line 10 as ordinary gain or loss.
Net business short-term capital gain (loss)
The application transfers the amount you enter in this field to Form 8949, Copy C, for C Corporations and to Form 1120-S, Schedule K, Other income (loss) for S Corporations.
Net business long-term capital gain (loss)
The application transfers the amount you enter in this field to Form 8949, Copy F, for C Corporations and to Form 1120-S, Schedule K, Other income (loss) for S Corporations.
Collectibles business (28%) gain (loss) (S Corp)
Amounts entered in this field represent a portion of the amount entered in the
Net long-term capital gain (loss) (Business)
field.Section 1202 gain
The application transfers the amount you enter in this field to Form 8949, Copy F for both a C and an S Corporation.
If the S Corporation qualifies for the Section 1202 exclusion, the application transfers the amount to Form 1120-S, Schedule K, Other income (loss) instead of Form 8949. Enter
X
in the Corporate partner qualifies for Section 1202 exclusion (S Corp)
field in the K1 screen to indicate the S Corporation qualifies for the exclusion.