Screen ORMPAdj - Multnomah and Portland Adjustments (1120)

Adjustments

The application transfers amounts from the
Taxes and licenses
statement in the federal Inc screen, as well as from taxes entered in the federal Farm screen, Rent screen, and 4835 screen, to this statement. This amount is used to complete Form C-
2024
or Form SC-
2024
. The application assumes these amounts aren't taxable to Oregon. Enter adjustments to state and local income taxes in the Taxes on Income column of the statement.
Use the statement to enter additions or subtractions to net income, which may include partnership pass-through from partnerships already taxed by Multnomah County or licensed by the City of Portland.

Sale or Exchange of Section 179 Property (S Corp)

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 Form 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 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 Form SC-
2024
. Use the
Force
field to override the calculated amount. If
0
(zero) is entered, no adjustment is made.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close