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Screen NYCAdj - New York City Income and Adjustments (1065)
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Disposal 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 disposition of assets where Section 179 expense was claimed in a prior year. These dispositions 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 8824PT, 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 either Form NYC-204, Page 3, line 3 or Form NYC-204EZ, Page 1, line 2. 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 disposed of during the tax year. This amount is provided for reference purposes only.
Computation of Total Income
Net rental income or loss on real property not subject to allocation
Enter the net rental income or gain from New York City real property that isn't subject to allocation. This amount transfers to Form NYC-204, Page 1, line 3A if the apportionment percentage is less than 100 percent.
Other deductions not allowed for UBT
Enter the deductions taken from federal ordinary income (loss) and rental real estate income that are not deductible for unincorporated business tax.
Other income and expenses reported separately to partners
In the statement attached to this box, enter other income and expenses to be reported separately to the partners. These amounts transfer to Form NYC-204, Page 3, Schedule B, line 9 or Form NYC-204EZ, Page 1, line 2.
Gain (loss) from rental, sale, or exchange of real property outside NYC
Enter the modified gain (loss) from sale or exchange and the net income from rental of real property located outside New York City that transfers to Form NYC-204, Page 3, Schedule B, line 11.
Charitable contribution limitation adjustment
Select Ptr Alloc to specially allocate the charitable contributions on Form NYC-204, Page 3. Select Ptr Alloc only if contributions were limited and the amount needs to be allocated other than based on partners’ profit sharing percentages. This amount is used to determine each partner’s distributive share of New York City income on Form NYC-204, Page 4, Schedule C.
Additions
All income taxes and unincorporated business taxes
UltraTax CS transfers tax amounts from federal Income, KFrgn, K1Frgn, F-2, 4835-2, and Rent screens to the statement attached to this box. Use the type codes listed in the fieldview and in the following table to classify the amounts as taxes based on income or other types of taxes. Items classified as taxes based on income are included on Form NYC-204.
Type Code | Description | Destination |
|---|---|---|
O | Other (Default) | Does not transfer to the return |
T | Taxes based on income | Form NYC-204, Page 3, line 17 |
Exempt activities
Enter deductions and losses attributable to activities not considered part of an unincorporated business. Any losses from rental real estate activities entered in the federal Rent screen is automatically added to the amount entered in this box and transferred to Page 3, Part 2, line 14(d).
Subtractions
Exempt activities
Enter income or gain attributable to activities not considered part of an unincorporated business. Any gain from rental real estate activities entered in the federal Rent screen is automatically added to the amount entered in this box and transferred to Page 3, Part 2, line 22.
Allocated pass through income: Business / Investment income (loss)
Enter allocated business and investment passthrough income or loss items in these boxes. Business income or loss amounts appear on Form NYC-204, Page 1, line 3b. Investment income or loss amounts appear on Page 1, line 7b.