Calculation of Form 4952, line 4a - Gross income from property held for investment
UltraTax CS includes the following as gross income from property held for investment:
- Interest income entered in the B&D, Broker, K1-2, and K1T screens
- Dividends entered in the B&D, Broker, K1-2, and K1T screens
- Royalties entered in the Rent screen with code6activity type, 1099M screen, box 2, and K1-2 screen
- Other portfolio income entered in the K1-2 and K1T screens
- Rental of substantially non-depreciable property
- Net passive income of a publicly traded partnership (PTP)
- Income from an activity in which taxpayer did not materially participate and is not a passive activity (C and F screens)
- Child's income reported on the parent's return (8814 screen)
- Net passive income recharacterized as non-passive income from land rentals (Schedule E or Form 4835)
- Net passive income recharacterized as non-passive income, as indicated by code1,2, or5in theRecharacterization of passive incomefield in the K1-7 screen or K1T-2 screen
- Cancellation of debt income classified as investment income on the 1099C screen
