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Screen CAAlloc2 - California Allocation and Nonbusiness Property, Page 2 (1120)
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Overview
Use this screen to enter data for use in preparing Schedule R-5, Computation of Interest Offset.
Schedule R-3 - Rental of Nonbusiness Property
The application uses information in this section to complete Schedule R-3, the CA Schedule R AMT Worksheet, and the CA Schedule R ACE Worksheet for multiple-state clients subject to AMT and/or ACE.
AMT adjustment (C Corp)
Enter the AMT adjustment (not the AMT amount) for net income or loss from rental of property. The application adjusts the regular tax amount by the amount entered here and uses the result on the CA Schedule R AMT Worksheet.
ACE adjustment (C Corp)
Enter the ACE adjustment (not the ACE amount) for net income or loss from rental of property. The application adjusts the regular tax amount by the amount entered here and uses the result on the CA Schedule R ACE Worksheet.
Schedule R-4 - Sale of Nonbusiness Assets
Use this section to complete Schedule R-4, the CA Schedule R AMT Worksheet, and the CA Schedule R ACE Worksheet for multiple-state clients subject to AMT and/or ACE. Enter the required information in the statement attached to the
Property sold
box in this section. The application prints a statement along with the return and shows the total amount on the form.Property sold / Property sold (AMT and ACE)
Use the statements to enter the description, total amount, and California amount. For C Corporations, also enter the total AMT and ACE adjustments. This information is used to calculate the California AMT and ACE version of Schedule R. When exiting from the statement, amounts appear in the input screen in the
Total Gain (Loss)
, California Gain (Loss)
, AMT (C Corp) Total Gain (Loss)
, AMT (C Corp)
California Gain (Loss)
, ACE (C Corp) Total Gain (Loss)
, and ACE (C Corp) California Gain (Loss)
boxes. The last 4 of these contain calculated amounts that can't be edited directly.note
Enter the AMT adjustment (not the AMT amount) in the statement. The application adds the AMT adjustment to the regular tax amount and returns the result to the input screen for use on the CA Schedule R AMT Worksheet.
note
Enter the ACE adjustment (not the ACE amount) in the statement. The application adds the ACE adjustment to the regular tax amount and returns the result to the input screen for use on the CA Schedule R ACE Worksheet.
Schedule R-5 - Computation of Interest Offset
California domiciliary (Force)
Use this to force the calculation of Schedule R-5 assuming all other conditions are met. Schedule R-5 only calculates for California domiciliary corporations. If you leave this blank, the application looks at the location of corporate headquarters (for C corporations) or the corporate mailing address to determine domiciliary.
Nonbusiness interest income (Force)
Use this to force an amount on Schedule R-5, line 5 that is different from the calculated amount. If this is blank, the application uses the nonbusiness interest income from Schedule R.
Deducted dividends (Force)
Use this to force an amount on Schedule R-5, line 9 that is different from the calculated amount. If this is blank, the application uses the deducted dividends from Form 100, 100W, or 100S.
Business dividend income (Force)
Use this to force an amount on Schedule R-5, line 11 that is different from the calculated amount. If this is blank, the application calculates business dividend income based on the amount of dividends received that were entered in the
Dividend income deduction
statement in the CAAdj screen and coded as business income.Deducted dividends attributable to business dividend income (Force)
Use this to force an amount on Schedule R-5, line 12 that is different from the calculated amount. If this is blank, the application calculates deducted dividends attributable to business dividend income based on items entered in the
Dividend income deduction
statement in the CAAdj screen that are coded as business income and their deductible percentage.