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Screen NHAdj - New Hampshire Adjustments (1120)

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Adjustments to Reconcile with IRS

Income and franchise taxes measured by income
The application transfers amounts from the
Taxes and licenses
 statement 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 New Hampshire. Enter adjustments to income and franchise taxes in the
State Amount
 column of the statement.
Foreign dividend gross-up (S Corp)
Enter the foreign dividend gross-up amount for S Corporations in this field. For C Corporations, the foreign dividend gross-up amount transfers from the federal C&E Screen to the appropriate line of the form.

Business Enterprise Tax Return

Dividends paid (S Corp / Force)
Enter the amount of dividends paid for an S Corporation. If this field is blank, the application defaults to the federal amount.
Dividends received from members of an affiliated group (C Corp / Force)
Enter the amount of dividends received from member of an affiliated group. If this field is blank, the application defaults to the federal amount.
Compensation and wages paid or accrued (Force)
Enter the amount of compensation and wages paid or accrued. If this field is blank and there is apportionment, the application uses the payroll information in View and then Apportionment. If this field is blank and there is no apportionment, the application uses amount from the federal return.
Interest paid or accrued (Force)
Enter the amount of interest paid or accrued. If this field is blank, the application defaults to the federal amount.

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 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 in 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. This amount is included on the DP-120, line 1(k). Use the
Force
 field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.

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