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Screen MDAdj - Maryland Adjustments (1065)
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Disposals of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the sale of assets where Section 179 expense was claimed in a prior year. These sales are no longer reported on Form 4797, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal SalePT and K1Sale 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 Form 510, line 2; Form 510C, and Form 510 Schedule K-1. A nonsubmittable statement prints detailing this amount. Use the
Force
field to override the calculated amount. If 0
(zero) is entered, no adjustment is made.Section 179 included in gain / loss
This field 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.
Allocated Income
Allocating income on the basis of separate books and records
Enter
X
to use amounts entered in the Non-Maryland income
field for income based on separate books and records. If this field is marked, UltraTax CS automatically allocates rentals and royalties based on the state postal code entered in the federal Rent screen and uses the amounts in this section to complete Form 510, Page 1, and Form 510 Schedule K-1. If this field is blank, UltraTax CS uses the federal partner amounts multiplied by the apportionment percentage to complete Form 510, Page 1, and Form 510 Schedule K-1.Non-Maryland income other than rental real estate, other rental, or royalty
For entities using a separate accounting method, enter the amount of non-Maryland income in the statement. To use apportionment on Form 510, Page 3, choose View then Apportionment.
note
Do not enter data for both apportionment and separate accounting. If data is entered in both areas, the Maryland distributive income is calculated using the allocation amount entered in the
Non-Maryland income
field.Additions
Non-Maryland state and municipal bond interest
This statement contains all tax-exempt information entered in the federal K-4 and K1-5 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see the Statements overview.
Other additions
Use this statement to enter addition modifications. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see the Statements overview.
Subtractions
Other subtractions
Use this statement to enter subtractions. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see the Statements overview.