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Screen NJ4835 - New Jersey Farm Rental (1040)

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Overview

Use this screen to calculate Schedule NJ-BUS-1 Part IV for NJ-1040 returns and Schedule NJ-BUS-1Part II for NJ-1040NR New Jersey net gains or income from farm rents. Data in this input screen transfers from both federal Form 4835 and the federal 4835 screen.

Income

Items in this section transfer from the federal 4835 screen. Information in this section is used to calculate the New Jersey Federal Form 4835 Reconciliation Worksheet. The worksheet provides a hard copy calculation of New Jersey Form 4835 income when different from federal Form 4835 income. New Jersey Form 4835 income calculated on this worksheet transfers to New Jersey Schedule C on a resident and part-year resident return and Form NJ-1040NR, Part II on a nonresident return. For detailed information on the state allocation spreadsheet, see State allocation spreadsheet for business, farm, farm rent, and rent income. Review this information before making entries in these fields.
Investment at risk
Losses calculated for this input screen are limited to the amount entered in this field before being combined with profits and losses from other rental activities.

Additions

Use this section to enter additions to farm rent income for New Jersey purposes.
Other additions
Enter other additions to farm rent income in this statement window to create a submittable statement that attaches to the main form.

Subtractions

Use this section to enter subtractions from farm rent income for New Jersey purposes. Subtractions are limited to income and cannot create a loss.
Other subtractions
Enter other subtractions from farm rent income to create a submittable statement that attaches to the main form.

Depreciation and Dispositions

Use this section to enter depreciation allowed to net farm rent income for New Jersey purposes and information regarding capital gains and losses.
New Jersey depreciation for assets placed in service prior to 1/1/04 (Force)
State depreciation amounts are automatically used to calculate the net profits from business when the asset module is used to enter asset information. Make an entry in this field to use an amount other than the amount calculated by UltraTax CS, or use this field when the module isn't being used to calculate depreciation for assets placed in service prior to 12/31/03.
New Jersey depreciation for assets placed in service after 12/31/03 (Force)
State depreciation amounts are automatically used to calculate the net profits from business when the asset module is used to enter asset information. Make an entry in this field to use an amount other than the amount calculated by UltraTax CS, or use this field when the module isn't being used to calculate depreciation for assets placed in service for tax year 2004 and after.
New Jersey Section 280F recapture (Force)
Make an entry in this field to use an amount other than the section 280F recapture adjustment amount calculated by UltraTax CS.
Gain (loss) from dispositions adjusted for New Jersey depreciation
Unless the entire business unit has been fully disposed as indicated by disposal code
1
 or
2
 entered in the equivalent federal screen, dispositions that can be identified to a particular unit of the NJC, NJF, NJK1, NJ4835, NJK1T, or NJRent screens are gathered and adjusted for differences in federal vs. New Jersey depreciation. These amounts are then added to this unit's net income or loss and reported as such on the New Jersey return.
Amount to be adjusted out of other net gains
The amount calculated on federal Form 4797 for ordinary gains is reduced for those dispositions that are business related or otherwise identified as dispositions reported as business, rental, partnership, S Corporation, or trust and estate gains. The amount appearing in field is the gain or loss attributable to this unit as if it were reported on federal Form 4797 (not adjusted for New Jersey depreciation differences). Amounts not appearing in this field are treated as dispositions of a personal nature and are reported as other net gains on Form NJ-1040, Schedules A and B, Schedule B, for resident returns, or on Form NJ-1040NR, Page 3, Part I, for nonresident returns. Every effort has been made to capture all amounts necessary for this calculation. Some gains related to mass dispositions, casualty, and theft, as well as prior year installment gains, are not available for transfer as either identifiable to a particular activity unit or are not available as adjusted for New Jersey basis.
Business related dispositions are reported as business related income. See the worksheets for business income, farm income, partnership income, S Corporation income, farm rental income, and trust and estate income. If this unit has been disposed of in its entirety, the gain / loss from disposition is reported as other net gains on Schedule B for resident returns or on Part I for nonresident returns.

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