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Screen NJAdj2 - New Jersey Adjustments, Page 2 (1120)

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Schedule E - General Information

Change to taxable income determined by IRS and not reported to New Jersey
Enter
1
 if there's a change to taxable income determined by the IRS and not previously reported to New Jersey. The application answers Schedule E, question 2 as Yes; otherwise, the application defaults to No. Enter an answer directly or select from the dropdown list.
Did one or more corporations own or control a majority of the stock? (C Corp)
If the statement contains data, Schedule E, question 3 is answered Yes; otherwise, the application defaults to No. This box pertains to Form CBT-100 only.
If capital stock of taxpayer listed on exchange, list exchanges here (C Corp)
If there's data in this statement, then Schedule E, question 4 is answered Yes; otherwise, the application defaults to No. This box pertains to Form CBT-100 only.
Licensed professional corporate owners, shareholders, employees as of first day of privilege period
If there's data in this statement, then Form CBT-100, Schedule E, question 5 or Form CBT-100S, Schedule E, question 3 is answered Yes; otherwise, the application defaults to No. The number of licensed professionals listed in the statement is reported, a schedule of licensed professionals is printed with the return, and, if there are two or more, Schedule PC is completed.
Is income from outside the US included in entire net income
Enter
1
 if income from outside the U.S. is included in entire net income. The application then answers Form CBT-100, Schedule E, question 6(a) or Form CBT-100S, Schedule E, question 4(a) as Yes. Enter
2
 if income from outside the U.S. isn't included in net income. The application then answers No. If this box is blank, the application defaults to N/A. Enter an answer directly or select from the dropdown list.
Detail of foreign income, deductions and taxes for part (b)
If there's foreign source income, which isn't included in entire net income on Schedule A, enter details in this statement of such items as gross income, source, deductions, and foreign taxes paid.
Did taxpayer acquire or dispose of a controlling interest in certain commercial property
Enter
1
 if taxpayer acquired or disposed of a controlling interest in certain commercial property. The application answers Form CBT-100, Schedule E, question 7 or Form CBT-100S, Schedule E, question 5 as Yes; otherwise, the answer defaults to No. Enter an answer directly or select from the dropdown list.

Schedule F - Officer Compensation

Officer compensation
Officer detail automatically transfers from the federal Inc screen to this statement. The employment
From
 dates proforma for each officer entered. Note that the
To
 date defaults to Present if blank. If address information is added
Officer compensation
 on the federal Inc screen, it transfers to this statement.

Schedule H - Taxes

Taxes
Taxes in the statement transfer from the
Taxes
statement in the federal Inc and H screens. Code the detail according to the class and location of the tax. Based on this coding, the application prints the taxes on the lines on Schedule H. The following location codes pertain to Schedule H items. In order to place the amounts in the column of Schedule H, enter the location codes as listed in the dropdown list and in the table that follows. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application shows the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Location Code
Description
Destination
F
Federal
Schedule H, line 9
I
In state (default)
Schedule H, line 1
L
City & local
Schedule H, line 3
O
Out state
Schedule H, line 2
R
Foreign
Schedule H, line 4
S
Sales & use
Schedule H, line 7
Enter the class code in the statement attached to
Taxes
. The class codes are listed in the dropdown list and in the table that follows:
Class Code
Description
Destination
GT
Other / general tax (default)
Schedule H, Other taxes
OT
Occupancy tax
Schedule H, Corporation Business Occupancy taxes
P1
Payroll tax
Schedule H, Payroll taxes
PT
Local property tax
Schedule H, Property taxes
FT
Income tax
Schedule H, Corporation Franchise and Business taxes
note
If the state tax accrual option was used, tax accrual amounts are automatically allocated to the correct line and column; don't code these adjustments.

Schedule M - Investment Companies (C Corp)

The application uses the information in this section to complete Form CBT-100, Schedule M. The application prepares this schedule only if the corporation’s entity type was defined as a real estate investment trust or regulated investment company. Refer to the NJGen screen for information about entity codes.
Registration number / Date registered with SEC
If there's data in the
Registration number
 or
Date registered with SEC
 boxes, the application answers Schedule M, Regulated investment companies - General information, question 1 as Yes; otherwise, the answer defaults to No.
Has the taxpayer satisfied the requirements of IRC Section 852(a)
Enter
2
 if the taxpayer hasn't satisfied the requirements of IRC Sec 852(a). The application then answers Form CBT-100, Schedule M, Regulated investment companies - General information, question 2 as No; otherwise, the answer defaults to Yes. Enter an answer directly or select from the dropdown list.

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