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Screen NJDisp - New Jersey Disposals (1065)
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Disposal of Section 179 Property - Total Amounts
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in the prior year. These dispositions are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c.
This amount is calculated from information entered in the federal 8824PT, SalePT, and K1Sale screens. This amount is included on Schedule A, line 9, column A; Form NJ-1080C; and Schedule NJK-1. A nonsubmittable statement prints, detailing this amount.
Use the
Force
box to override the calculated amount. If 0
(zero) is entered, no adjustment is 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.
Disposal of Section 179 Property - Passthrough Amounts
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in the prior year. These dispositions are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c.
This amount is calculated from information entered in the federal K1Sale screen. This amount is included on Schedule A, line 9, column B and is used to calculate the amount on Form NJ-1080C and Schedule NJK-1. A nonsubmittable statement prints, detailing this amount.
Use the
Force
box to override the calculated amount. If 0
(zero) is entered, no adjustment is 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.
Income (Loss) from Disposal of Property
Net gain (loss) from disposition of real property - all sources /… / Other income gain (loss) from complete liquidation of assets in New Jersey
UltraTax CS transfers the amount of gain or loss from sale of properties reported on federal Schedule K to these statements. Use complete liquidation codes to determine the destination of each amount entered in the statement.
Use the code listed in the following table to distribute the amounts to the appropriate fields.
Complete Liquidation | Destination |
|---|---|
1 | Form NJ-1065, Schedule L, line 8, Columns B |
2 | Form NJ-1065, Schedule L, line 9, Columns B |
3 | Form NJ-1065, Schedule L, line 10, Columns B |