Screen K1-5 - 1065/1041 - Foreign, AMT, Exempt, Distributions (1120)

Tax-Exempt Income and Nondeductible Expenses

The application assumes the amount you enter is already included in the
Net income (loss) per books
field in the Mc or Ms screen. The application adds the amount to the
Tax-exempt interest
field in the Mc or Ms screens to determine the Schedule M-1 adjustment for tax-exempt interest. Verify the amount entered is included in the
Net income per books
field in the Mc or Ms screen.
The application assumes that the amount you enter is already included in the
Net income (loss) per books
field in the Mc or Ms screen. Verify the amount entered is included in the
Net income (loss) per books
field and that it is not included in the
Book expenses not deducted
field in the Mc or Ms screen.

Distributions

The application calculates a gain if the distribution exceeds the calculated basis of the partnership interest and transfers the gain to Form 8949, Copy F. Enter a code in the
Character of gain
field in the PBasis screen to change where the gain is reported.
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