Screen FLAdj - Florida Adjustments (1120)

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Additions

Undistributed net long-term capital gains
If the client is a regulated investment company or a real estate investment trust and has an undistributed net capital gain, enter the amount in this field.
State income taxes
The application transfers amounts from the statement for the Taxes and licenses field in federal Screens Inc and H, as well as from taxes entered in federal Screens Farm, Rent, and 4835. The application assumes these amounts are not taxable to Florida. Enter adjustments to state and local income taxes in the State Amount column of the statement.

Subtractions

Foreign dividend expenses from Section 951A, 78, and 862 dividends
The application transfers Section 78 IRC income (dividends received from corporations involving foreign tax) and Section 862 IRC income (income from sources without the U.S.) to Schedule II. If the client has any expenses related to this income, enter those expenses in this field.
Section 108(i) income previously deferred (C Corp)
The application transfers recognized cancellation of indebtedness from the federal return to this statement. Enter adjustments in the State Amount column of the statement. Enter the deferred cancellation of indebtedness income recognized in the current tax year for federal income tax purposes, if the indebtedness was previously added back under Section 220.13(1)(e) 3 for Florida income tax purposes.

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