Screen ARAdj-2 - Arkansas Capital Gain and Loss Adjustments (1040)

Show all hidden content

Overview

Use this screen to enter information on the Arkansas Capital Gain / Loss Reconciliation Worksheet and Form AR1000D, Capital Gains Schedule. Information that appears on the Arkansas Capital Gain / Loss Reconciliation Worksheet is transferred from various federal input screens pertaining to federal Schedule D and transfers to the AR1000D. It is important to state any related state law differences and details in this screen. Information from the Arkansas Capital Gain / Loss Reconciliation Worksheet is used to calculate the adjusted Capital gains / losses for reporting purposes on the AR1000F / AR1000NR.

General Information

Use this section to enter federal Schedule D line items as allocated on a taxpayer and spouse basis and Arkansas short-term and long-term Capital loss carryover amounts.
Enter amounts desired, if those amounts are different than the calculated amounts on the Arkansas Capital Gain / Loss Reconciliation Worksheet, which would then be used on the Arkansas Capital Loss Carryover Worksheet(s). During the proforma process, UltraTax/1040 retrieves the Capital Loss carryover amounts from the prior-year version of the Arkansas Capital Gains Worksheet to populate the
ST/LT capital loss carryover
fields. For unprocessed prior-year returns, UltraTax CS defaults to the amounts transferred from UltraTax/1040, or enters amounts in the fields to allocate amounts between taxpayer and spouse. UltraTax CS defaults to utilizing spouse capital losses first before using taxpayer capital loss amounts. ST and LT capital gains entered in federal Screen CO are treated as belonging to the taxpayer and originating from Arkansas sources. Use the
Fed / St depreciation adjustment
fields to enter depreciation adjustments on the AR1000D and the
Other short term / long term adjustments
fields to enter other adjustments on the Arkansas Capital Gain / Loss Reconciliation Worksheet.
Form 1000D adjustment, line 7b
Use these fields to adjust the calculated amount of net capital gain with a sale date in the first part of the year. UltraTax CS uses the date sold entered in the federal B&D Screen,
Schedule for detail
statement dialog. Additionally, the
Date sold
field for long-term gains associated to the federal Sale Screen, that transfer from Form 4797 to Schedule D, line 11 is used to calculate net capital gains associated to the first part of the year. Entries in these fields are combined with calculated amounts and appear on Arkansas Form 1000D (for residents and part-year/nonresidents) and Arkansas Capital Gains Worksheet, Page 3 (for part-year/nonresidents), line 7b.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close