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Federal input screens

Screen 8990 - Business Interest Expense Limitation (1065)

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General Information

Small business taxpayer
Enter the corporation’s net receipts for the prior three years. If the corporation has been in existence for fewer than three years, enter the net receipts for the years the corporation was in existence.
UltraTax/1065 automatically updates the partnership’s small business net receipt fields based on the data entered on the
History
 screen. The partnership's net receipts are calculated according to Temporary Regulation Section 1.448-1T(f)(2)(iv). The application generates an informational diagnostic to review the partnership's net receipts for completeness.
UltraTax/1065 sums the following fields on the
History
 screen and updates the result to the partnership’s net receipts fields on the
8990
 screen. You will need to modify the partnership’s net receipts fields on the
8990
 screen to include the partnership’s gross rental income.
  • Net gross receipts
  • Other page 1 income (loss)
  • Interest income
  • Ordinary dividends
  • Royalties
  • Total capital gain (loss)
  • Net Section 1231 gain (loss)
  • Other income (loss)
Initial year corporation and net receipts are over $26 million
Enter
X
 if this is the first year the corporation is in existence, and net receipts as defined under Temporary Regulation Section 1.448-1T(f)(2)(iv) are greater than $26 million. If the net receipts are greater than $26 million, the corporation doesn't meet the small business taxpayer exception, and the interest expense may be limited.

Adjusted Taxable Income

Taxable income (Force)
Enter the corporation’s taxable income as if the interest expense was enabled in full to replace the system calculated amount.
Loss or deduction not allocable to a trade or business
Include the loss from an excepted trade or business.
Depreciation, amortization or depletion
Enter the amount of depreciation, amortization, and depletion included in the taxable income amount entered in the Taxable income field to replace the system calculated amount.
Capital loss carryover or carryback
Enter the amount of capital loss carryover or carryback included in the taxable income amount entered in the Taxable income field to replace the system calculated amount.
Income or gain not allocable to a trade or business
Include the income from an excepted trade or business.

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