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Business Activities window

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Use the
Business Activities
 window to create, define, and delete business activities from Planner CS. You can also use this window to access data-entry fields for a specific activity.
To open this, select
Activities
 in the main data-entry window.

Fields & buttons

Current activity
Use this field to enter the name of a new activity or to rename an existing activity.
Activities section
The Activities list shows all business activities previously created for this plan. When an activity is highlighted, you can modify its details in this window, delete it, or select
Data Entry
 to enter data for that activity.
Type of activity
Use this field to select the type of activity for the highlighted asset.
note
When
Passive Non-Rental
 or
Active Participation Rental
 is selected in this dropdown list, several
8582
 tabs will be available in the main data-entry window. Use the
8582
 tabs to enter passive income or loss, and prior-year unallowed loss carryover amounts associated with the passive activity.
Taxpayer/Spouse
Select
Taxpayer
 or
Spouse
 from this dropdown list to specify who will be associated with the highlighted activity.
Recharacterization of passive income?
For a passive activity, select
Yes
 or
Yes - investment income
 if the activity is subject to the net income recharacterization of passive income rules. If the activity has overall net positive income, then income and loss amounts from the activity are recharacterized as non-passive and are excluded from the form 8582 passive loss limitation calculations.
If you select
Yes - investment income
 and the activity is recharacterized as non-passive, then income from the activity will be treated as investment income as follows:
  • Overall net income is included as investment income on the
    Deductions / Investment Interest
     tab.
  • Operating net income is included in the net investment income tax calculation on the
    ACA / Net Invstmnt Inc Tax
     tab.
Examples of recharacterized activity income to be treated as investment income include:
  • Rental of land or other nondepreciable property
  • Equity-financed lending activities
  • Licensing of intangible property
Force NIIT Treatment
For a material participation activity (including real estate professional), if you select
Subject to NIIT
 from this dropdown list, operating income or loss from the activity will be included in the net investment income tax calculation on the
ACA / Net Invstmnt Inc Tax
 tab. By default, Planner CS assumes that material participation activities are exempt from the NIIT and passive activities are subject to the NIIT.
Form(s) activity is associated with
Select one or more checkboxes to associate the highlighted activity with a particular schedule or form.
Each activity needs to be associated with at least 1 schedule or form.
S Corp Comparison Plan
Select
S Corp Comparison
 to indicate that this is an S Corp Comparison plan, or select
Other business entity
 to indicate that this is another activity, such as a sole proprietorship or partnership.
Data Entry button
Select this button to enter data for the highlighted activity.

This article applies to:

  • PRODUCT: Planner CS