Screen MSK1-4 - Mississippi Schedule K-1, 1065/1041 - Deductions (1120)

Deductions

Use this section to enter Schedule K-1 pass-through deductions. All fields in this screen in the
Before Basis Limitations
column that apply to the federal return transfer automatically from the federal K1-3 Screen. Information in this section is used to complete Form 83-122, Form 84-122, Form 84-132, MS Schedule K Income Worksheet, and the MS Shareholder’s Share of Schedule K1 - Apportioned / Allocated Income Worksheet. If the Partner Basis Worksheet is calculated on the federal return, enter the appropriate related Mississippi amounts in the
After Basis Limitations If Different
column. The differences between the
Before Basis Limitations
and
After Basis Limitations If Different
columns are used to calculate the basis adjustment on Form 83-122 or Form 84-122.

Tax-Exempt Income and Nondeductible Expenses

Use this section to enter tax-exempt income and nondeductible expenses as reflected on the Partnership K-1 received by the corporation. This information is used to complete Form 84-132.

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