Screen IA138 - Iowa E15 Plus Gasoline Promotion Tax Credit (1040)

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Overview

Use this screen to enter information to calculate Form IA 138, E15 Plus Gasoline Promotion Tax Credit. UltraTax/1040-IA automatically transfers this information to Part II of the Form 148, Tax Credits Schedule using code
65
. If the credit is from a pass-through entity additional information is reported in Part IV of the Form 148. E15 Plus gasoline must have a percentage between 15 percent and 69 percent by volume of ethanol. Form IA 138 is a multi-unit form.

General Information

Taxpayer or Spouse
Assign the credit to either the taxpayer or spouse. UltraTax CS defaults to taxpayer if no selection is made.
Credit from pass-through entity
Mark this box when the credit is from a pass-through entity. A separate unit must be used to report each credit received from a pass-through entity.

Pass-through Entity Credit

Enter entity information in this section for a credit received from a partnership, S Corporation, estate or trust. UltraTax/1040-IA automatically transfers the information entered here to Part IV of Form IA 148, Tax Credits Schedule. Each pass-through entity with an E85 gasoline promotion tax credit must be entered separately on an additional input screen.
Amount of credit
Enter the credit amount reported on the Iowa K-1.
Percent of ownership
Enter the percent of ownership reported on the Iowa K-1.

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