Screen RIAdj - Rhode Island Adjustments (1065)

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Increases

State and municipal bond interest other than Rhode Island
The statement contains all tax exempt information entered in federal Screens K-4 and K1-5. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.

Disposal of Property with Section 179 Expense in Prior Year

Gain / loss reported separately from federal Sch 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 and 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in federal Screen 8824PT, Screen SalePT, and Screen K1Sale.
The application 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 RI-1065, Page 1, line 1 and Schedule K-1. 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 purpose only.

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