Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Screens

Screen RIAdjS - Rhode Island Adjustments (1120)

Schedule B - Deductions to Federal Taxable Income

Amounts in this statement transfer from the
US obligation interest
 boxes in the federal K and K1 screens. 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.

Schedule C - Additions to Federal Taxable Income

Tax-exempt interest transfers to this statement from the federal return. To include tax-exempt interest in the return, enter adjustments in the
State Amount
 column of the statement.

Sale or Exchange of Section 179 Property

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, Form 4684, Form 6252, or Form 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. This amount will be included on Form RI-1040C. Use the Force box to override the calculated amount. If
0
 (zero) is entered, no adjustment will be made.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • State: Rhode Island
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close