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Screen MSDir - Mississippi Direct Accounting Information (1065)
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Ordinary Income
Use this section to enter direct account income and deductions related to federal Schedule K, Ordinary Income from trade or business activity on Form 84-124, Pages 1 and 2, lines 1-31. Only multi-state entities required to file using direct accounting must complete this section.
Partner's Distributive Share Items
Use this section to enter partner’s distributive share items related to federal Schedule K amounts for Form 84-124, Pages 1 and 2, lines 1-31. The information also transfers to Form 84-131 and Mississippi Schedule K-1.
Rental real estate activity is direct accounting
Enter
X
to indicate that rental real estate activities are direct accounting. UltraTax CS automatically allocates farm rentals and real estate rentals on Mississippi Schedule K-1, Form 84-124, Page 1, lines 6 and 26, and Form 84-131, based on the state postal code entered in the federal 4835 and Rent Screens. If this field is not marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Other rental activity is direct accounting
Enter
X
to indicate that other rental activities are direct accounting. UltraTax CS automatically allocates other rentals on Mississippi Schedule K-1, Form 84-124, Page 1, lines 6 and 26, and Form 84-131, based on the state postal code entered in the federal 4835 and Rent Screens. If this field is not marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Royalty activity is direct accounting
Enter
X
to indicate that royalty activities are direct accounting. UltraTax CS automatically allocates royalties on Mississippi Schedule K-1, Form 84-124, Page 1, lines 7 and 26, and Form 84-131, based on the state postal code entered in the federal 4835 and Rent Screens. If this field is not marked, UltraTax CS uses the total federal amounts multiplied by the apportionment percentage to calculate the state source income.Other portfolio income (loss)
Enter the amount of other portfolio income. UltraTax CS automatically adds this amount to the Other income statement on Form 84-124, Page 1 and returns the amount to Form 84-131, and Mississippi Schedule K-1.
Guaranteed payments to partners
Enter amount of guaranteed payments to partners.UltraTax CS automatically adds this amount to the Other income statement on Form 84-124, Page 1 and returns the amount to Form 84-131, and Mississippi Schedule K-1.
Section 179 expense deduction
Enter the section 179 expense deduction already included in the
Total depreciation
field. UltraTax CS automatically adds this amount to the Other deductions statement on Form 84-124, Page 1 and returns this amount to Form 84-131 and to Mississippi Schedule K-1.Portfolio deductions
Enter the amount of portfolio income (loss) deduction. UltraTax CS automatically adds this amount to the Other deductions statement on Form 84-124, Page 1 and returns the amount to Form 84-131 and to Mississippi Schedule K-1.
Interest expense on investment debts
Enter the amount of interest expense on investment debts. UltraTax CS automatically adds this amount to the Other deductions statement on Form 84-124, Page 1 and returns the amount to Form 84-131 and to Mississippi Schedule K-1.
Section 59(e) expense
Enter the amount of section 59(e) expenditures. UltraTax CS automatically adds this amount to the Other deductions statement on Form 84-124, Page 1 and returns the amount to Form 84-131 and to Mississippi Schedule K-1.