Automatic Schedule M-1 adjustments
UltraTax CS transfers the following items to Schedule M-1Â automatically:
- Excess of capital losses over capital gain from Schedule D
- Utilization of capital loss carryover from prior years
- Differences between book and tax expenses for depreciation, amortization, depletion, section 179, and startup / organization cost
- Differences between book and tax income for the 4797 gain (loss)
- Disallowed passive losses and additional allowed passive losses from Schedule F, Form 4835, Rental and Royalty activities, Oil and Gas activities, and K-1 pass-through entities
- Disallowed at-risk losses and additional allowed at-risk losses from Schedule F, Form 4835, Rental and Royalty activities, Oil and Gas activities, and K-1 pass-through entities
- The 20-percent reduction in applicable meals expense subject to limitations of the DOT from Screens Inc, F-2, Rent, and 4835-2
- Any contributions limited by taxable income or contribution carryovers used
- Tax-exempt interest
- A rounding adjustment, if applicable
- Other tax-exempt income from pass-through entities
- Nondeductible expenses from pass-through entities
- Domestic production activities deduction
- Extraterritorial income exclusion
- Federal income tax expense
- State and city tax accrual adjustment
- The reduction in conservation expenses from Screens F-2 and 4835-2
- Capitalized research credit
- Credit for small employer health insurance premiums
- Credit to holders of tax credit bonds
- Disabled access credit
- Employer childcare credit
- Employer tip credit tax expense reduction
- Energy efficient home credit
- Income from the alcohol fuel credit
- Income from the biodiesel fuels credit
- Low sulfur diesel fuel credit
- Orphan drug credit
- Research credit
- Small employer pension plan credit
- Total qualified employment credit wages
