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Screen NYAdj - New York Adjustments (1120)
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Additions and Subtractions
Other additions (C Corp)
Enter other additions in the statement. To include the other additions on the return, enter a modification number to specify the type of addition.
New York State tax / … / Other taxes
The amounts transfer from the
Taxes and licenses
statement in federal Screens Inc and H, to the statement attached to this field. To include taxes on the return, enter a code to specify the type of tax.Class Code | Description | Destination |
|---|---|---|
CT | New York City tax |
|
MC | MCTMT tax |
|
MT | MTA tax |
|
NY | New York State tax |
|
OT | Other State tax |
|
NP | New York PTE tax | Computation of PTE Taxable Income Worksheet, line 15 |
CP | New York City PTE tax | Computation of PTE Taxable Income Worksheet, line 15 |
OP | Other PTE tax | Computation of PTE Taxable Income Worksheet, line 15 |
Other subtractions (C Corp)
The deductions transfer for dividends paid, Section 857(2) and Section IRC280C from federal return. To include the other subtractions on the return, enter a modification number to specify the type of subtraction.
New York tax refund / … / QEZE real property tax credit refund
The amounts transfer from the
State tax refunds
statement in federal Screen Inc, to the statement attached to this field. To include state tax refunds on the return, enter a code to specify the type of tax.Code | Description | Destination |
|---|---|---|
CT | New York City tax |
|
MC | MCTMT tax |
|
MT | MTA tax |
|
NY | New York State tax |
|
OT | Other state tax |
|
Capital Base
Tax basis
The beginning and ending balance for real property and marketable securities transfer from the
US government obligations
, Tax-exempt securities
, Other investments
, Buildings and other depreciable assets
, Less accumulated depreciation
, Depletable assets
, Less accumulated depletion
, and Land
fields in federal Screen L, 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 displays in black and will not overwrite the new data with subsequent federal-to-state data transfers.Fair market value
Enter the fair market value of real property and marketable securities. If these fields are blank, the application assumes the fair market value equals the tax basis and uses the amounts from the
Tax basis
fields.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 federal Screens SalePT and 8824PT in the Income and activities folders, and Screens K1Sale and 8824 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 IT-203-S-ATT, Column C and Form IT-2658, Total New York source income field.
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.