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Screen MSAdj - Mississippi Adjustments and Allocation (1120)
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Franchise Tax
Loans from shareholders or affiliates, if different from the federal L-2 Screen
Enter the amount of includable loans from shareholders or affiliates in this field. If this field is blank, UltraTax CS defaults to the amount of loans from shareholders as reported on Schedule L of the federal return.
Fee in lieu of franchise tax
Enter the negotiated fee-in-lieu amount of franchise tax. If the corporation has negotiated a fee-in-lieu of franchise tax as defined in Mississippi Code Ann. 57-75-5(g), enter that amount here. This amount is used to complete Page 1 of Form 83-105 or 84-105.
Assessed Property Value
Assessed value of property in Mississippi
Enter the assessed valuation of property in Mississippi in the statement. This information transfers to Form 83-110 and Form 84-110. If more than four items are entered, a statement will print with Form 83-110 and Form 84-110.
Adjustments to Income
Taxes based on income
Information in this statement transfers from the
Taxes & licenses
statement in the federal Inc and H Screens. These amounts are assumed not taxable to Mississippi. Enter adjustments to taxes based on income in the Taxes Based on Income
column of the statement.Interest on obligations of other states
All tax-exempt interest and expenses attributable to tax-exempt interest transfer to this statement from the federal return. To include tax exempt interest and expenses in the return, enter adjustments in the
State Amount
column of the statement.Other additions required by law
Enter detailed information for other additions to Mississippi income in the statement attached to this field. In an S Corporation, the passive income tax and built-in gains tax automatically transfers to the statement from the federal return. In a C Corporation, the Extraterritorial Income Exclusion automatically transfers to the statement. To exclude an item from the state return, delete the amount or the entire line item from the statement. The modified column is displayed in black and will not overwrite the new data with subsequent federal-to-state data transfers.
Interest expense
Information in this statement transfers from the
Interest expense
field in the federal Inc Screen. These amounts are assumed not taxable to Mississippi. To include interest expense items in the return, enter adjustments in the State Amount
column of the statement.Income (loss) from construction or production of mineral or natural resources
Use this field to enter the amount of income (loss) (net of expenses), resulting from construction contracting or production of mineral and/or natural resource products, on Form 83-122, Net Taxable Income Schedule or Form 84-122, Net Taxable Income Schedule.
Other deductions
Enter detailed information for other deductions to Mississippi income in the statement attached to this field. Amounts entered in this statement will transfer to Form 83-122 or 84-122. For S Corporations, access the fieldview list of available options. To exclude an item from the state return, delete the amount or the entire line item from the statement. The modified column displays in black and will not overwrite the new data with subsequent federal-to-state data transfers.
S Type | Description | Destination |
|---|---|---|
O | Ordinary Income (default) | Form 84-132, line 1. |
S | Short-term capital gains | Form 84-132, line 8. |
L | Long-term capital gains | Form 84-132, line 9(a). |
Do not enter adjustments for the following items; they transfer to the statement from the federal return:
- Alcohol fuel credit
- Biodiesel credit
- Capitalized orphan drug credit
- Capitalized research credit
- Credit to holders of tax credit bonds
- Disabled Access Credit
- Employer pension plan credit
- Employer provided childcare credit
- Energy efficient home credit
- Low sulfur diesel fuel credit
- Orphan drug credit
- Qualified zone academy credit
- Research credit
Contributions (C Corp)
Use this statement to enter current-year charitable contributions that are allowed to be taken as a deduction for Mississippi. Information in this statement transfers from the
Contributions
fields in the federal Inc and K1 Screens. An adjustment automatically calculates if the Mississippi allowed contribution deduction based on 20 percent of Mississippi taxable income is different from the federal allowed deduction or if the current-year federal deduction includes prior-year contribution carryforwards. When an adjustment is required, federal deduction is automatically added back to the Other additions required by law
and the Mississippi contribution is deducted within the Other deductions
statement on Form 83-122 for C Corporations.Mississippi contribution (C Corp / Force)
To change the calculated contributions adjustment, enter an amount in this field. To delete this item from the printed statement, enter
0
(zero). If 0
(zero) is entered, the item will not be included in the printed statement or in the amount displayed on the form.Adjustments related to Mississippi tax credits claimed (C Corp / Force)
The adjustment is automatically calculated related to Mississippi tax credits claimed using the amounts entered in the
Other income tax credits
field in the MSCr Screen. Mississippi requires all tax credits claimed, except Bank share credit, to be added back as an adjustment on Form 83-122. To change the calculated adjustment, enter an amount.Composite return filing adjustments (S Corp)
If a composite return is being filed, the amount of composite filing exemption / deduction allowed under Mississippi law is automatically calculated and transferred to Form 83-122. Use this field to enter any additional composite return filing adjustments such as tax credits, NOL carryovers, or capital loss carryovers. Per Mississippi law, these adjustments are allowed for composite members, provided they are calculated and tracked on an individual basis, not on an entity-level basis.
Sale or Exchange of Section 179 Property (S Corp)
Gain (loss) reported separately from federal Schedule K, line 17d (Force)
Per the Form 4797 instructions, S-corporations are required to separately report to the shareholders the sale, exchange, or other disposition of assets where 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 basis of the asset is reduced by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form 84-122 and Form 84-132.
A Not Required statement prints detailing this amount. Use the
Force
field to override the calculated amount. If 0
(zero) is entered no adjustment is made.