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Screen IDAdj - Idaho Adjustments (1120)

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Federal Income Adjustments

State, municipal, and local taxes measured by net income
The application transfers amounts from the
Taxes and licenses
 statement dialog in the federal Inc and H Screens, as well as from taxes entered in the federal Farm, Rent, and 4835 Screens. The application assumes these amounts are not taxable to Idaho. To include state and local taxes on Forms 41 or 41S, enter adjustments to state and local income taxes in the
State Amount
 column of the statement dialog.
Other additions
Use the statement dialog to enter descriptions and amounts for other additions to federal income. Data entered transfers to Form 41, Page 1, line 17, Other additions for C Corporations, or to Form 41S, Page 1, line 22, Other additions for S Corporations.
Interest from Idaho municipal securities
Tax-exempt interest transfers to this statement dialog from the federal return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
note
Expenses related to tax exempt interest are entered in the
Interest and other expenses related to tax-exempt securities
 fields.
Interest and other expenses related to tax-exempt securities (S Corp)
The totals from columns ID Interest and Dividend Exp and US Obligation Expense transfer to Form 41S, Page 1, line 26, Interest and other expenses related to lines 24 and 25. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
Interest and other expenses related to tax-exempt securities (C Corp)
Expenses attributable to tax-exempt interest transfer to this statement dialog from the federal return. The total amount transfers to Form 41, Page 1, line 22, Interest and other expenses related to lines 20 and 21.
Technological equipment donation
Enter the lesser of cost or fair market value of technological equipment donated to one or more qualified Idaho educational institutions or libraries. Items that qualify are limited to computers, computer software, and scientific equipment or apparatus manufactured within 5 years of the date of donation.
Other subtractions
Use the statement dialog to enter descriptions and amounts for other subtractions from federal income. Data entered transfers to Form 41, Other subtractions, line 29; or Form 41S, Other subtractions, line 33.
State tax refunds
The application transfers amounts from the
State tax refunds
 statement dialog in the federal Inc and H Screens. The application assumes these amounts are not deductible in Idaho. Enter adjustments to state tax refunds in the
State Amount
 column of the statement dialog.

Sale or Exchange of Section 179 Property (S Corp)

Gain (loss) reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 Sales of Business Property instructions, S Corporations are required to separately report to shareholders the sale, exchange, or other disposition of assets when a Section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on federal Forms 4797, 4684, 6252, or 8824, but instead are separately reported on federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets is calculated from information entered in the federal SalePT and 8824PT Screens in the Income and Activities folders, and the K1Sale and 8824 Screens in the K1 1065, 1041 folder.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. A not-required statement prints detailing this amount. Use the
Force
field to override the calculated amount. If you enter
0
, no adjustment is made.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • State: Idaho

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