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Screen NDAdjS - North Dakota Adjustments (1120)

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Subtractions

US obligation interest
Amounts in this statement transfer from the
US obligation interest
 fields in the federal Inc and K1-2 screens. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Renaissance zone business or investment income exemption: For projects approved after July 31, 2013
Enter the subtraction to complete Form 60, Page 3 and to complete portions of Schedules KS and K-1.
note
L. 2013, H1166, effective for zone projects approved after 07/31/2013, provides that the maximum exemption that a taxpayer may claim for income in a renaissance zone for any tax year is $500,000. If a zone project consists of a physical expansion of an existing building owned and used by the taxpayer for business or investment purposes, the amount of income exempt from tax is limited to an amount equal to the income derived from the business, or from the investment use of the building, during the taxable year multiplied by a ratio equal to the square footage added by the expansion divided by the total square footage of the building after expansion.
Other deductions for Schedules KS and K-1
The application transfers data from federal Schedule K to this statement. To exclude an item from the state return, delete the amount or the entire line item from the state column within the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
note
Only include amounts in the state column that are allowed as a deduction from gross income in calculating a shareholders adjusted gross income for federal income tax purposes.

Sale or Exchange of Section 179 Property

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 application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. A not-required statement will print detailing this amount. Use the
Force
 field to override the calculated amount. If
0
 is entered no adjustment will be made.

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