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Screen MSDepr - Mississippi Depreciation Adjustments (1065)
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Adjustments for Differences in Depreciation
Federal section 168(k) bonus depreciation
UltraTax CS automatically calculates the
Calculated Amount
field based on data entered in the detailed asset data entry for Form 84-122, Page 1, line 8. Use the Force
field to enter the amount of adjustment when not using detailed asset data entry.note
The adjustment represents the amount of bonus depreciation taken on federal Form 4562, lines 14 and 25. This amount appears on Form 84-122, Page 1, line 8.
Additional Mississippi depreciation allowed
UltraTax CS automatically calculates the
Calculated Amount
field based on data entered in the detailed asset data entry. Use the Force
field to enter the amount of adjustment when not using detailed asset data entry.note
The adjustment represents the difference between the Tax and MS State treatment columns in the detailed asset data entry adjusted for the amount of bonus depreciation added back. This amount appears on Form 84-122, Page 1, line 15.
Adjustment to income for disposition of assets
UltraTax CS automatically calculates the
Calculated Amount
field based on data entered in the detailed asset data entry. Use the Force
field to enter the adjustment if you are not using the asset module.note
The adjustment amount is the difference between the total depreciation in the Tax and MS columns in the detailed asset data entry for any assets disposed of during the current year. This amount appears in the schedule attached to Form 84-122, Page 1, line 16.
Section 179 Adjustments
Carryover from prior year / Business income limitation (Force)
UltraTax CS automatically calculates the amount based on amounts used on federal Form 4562. Use the Force field to enter the amount of adjustment when different from the federal amount.
Section 179 expense deduction (Force)
UltraTax CS automatically calculates the amount based on amounts used on federal Form 4562. Use the Force field to enter the amount of section 179 expense when different from the federal amount. Note: The force amount does not change section 179 on the Mississippi version of Form 4562. The Force field only adjusts the section 179 amount on the Mississippi Schedule K-1.