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Screen CAK-4 - California Schedule K - Adjusts, Other and Sale (1065)
Show all hidden content
Overview
Use this screen to complete Other Information sections on California Schedule K. If information transferred from UltraTax CS doesn't require additional data or coding, it displays on the form only, not in the input screen.
UltraTax CS uses amounts entered as the default amounts for Schedule K. UltraTax CS displays the amounts directly on Form 565 / 568, Page 5. All statement items are transferred from UltraTax CS to the statements in this input screen. To change amounts for the California return, enter data in the boxes or statements in this input screen.
Items that are calculated and automatically transferred from other California input screens to Schedule K are listed here:
- Line 19a, Distributions of money (cash and marketable securities)
- Line 19b, Distribution of property other than money
- Line 20a, Investment income
- Line 20c, Other items and amounts reported separately to partners
Other
Tax-exempt interest income
UltraTax CS transfers tax-exempt interest income from the federal K-4 screen to this statement. To exclude an item from the state return, delete the amount, enter
0
(zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.Investment income (Force)
Select
Ptr Alloc
to specially allocate the amount of investment income if different from the automatic calculation. UltraTax CS calculates the amount based on the entries in Schedule K-1, lines 5 through 7 and 11a.Investment expenses
UltraTax CS transfers investment expenses included in portfolio deductions from the federal K-4 screen. To modify the federal amount for California purposes, enter the revised number here.
Look back interest - completed long term contracts / … / Amortization of reforestation costs
UltraTax CS transfers relevant data from the federal K-4 screen to these statements. To exclude an item from the state return, delete the amount, enter
0
(zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.Aggregate gross receipts less returns and allowances
UltraTax CS calculates California aggregate gross receipts less returns and allowances based upon information entered on Form 565, Page 4 / 568, Page 5, Schedule K. To change the calculated amount, enter an amount here. The following lists the items used to calculate California’s aggregate gross receipts:
- Gross receipts / sales
- Returns and allowances
- Other income
- Other income from Schedule K
- Portfolio income
- Gross income from rental real estate activities
- Gross income from other rental activities
- Royalty income
- U.S. obligation interest income
- Non-U.S. interest income
- Farm income
- Gross proceeds of asset sales from Screens CASale and CAD
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from CA Schedule K, line 20c
California requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on Schedule D-1, but instead are reported on CA Schedule K, line 20c. This amount is calculated from information entered in the CA8824PT, CASalePT, and CAK1Sale screens.
UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on the California Limited Liability Company Income Worksheet and Form 540NR. Use the
Force
box to override the calculated amount. If 0
is entered, no adjustment will be made.Section 179 included in gain / loss
This box contains the total Section 179 expense deduction that was originally claimed on the assets sold during the tax year. This amount is provided for reference purposes only.