Screen VTAllocS - Vermont Nonbusiness Income Allocation (1120)

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Allocation of Income

Composite income deduction
Use this statement to enter pass-through income already taxed on a separate composite return. The application will reduce Vermont taxable income by this amount, and print a statement listing the EIN, name, amount of income, and amount of tax paid for each entity.
Income from pass-through entities directly allocated to Vermont
The application automatically transfers information from Federal K-1 data entry to complete these fields. Open the statement to adjust amounts directly allocated to Vermont by pass-through entities. Amounts entered are reported separately from income subject to apportionment.
Vermont net operating loss deduction applied on composite return
Enter the amount of net operating loss from prior years being applied against composite income in the current year.

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