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Screen CTAdjS - Connecticut Modifications (1120)

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Additions

Interest on state and local obligations other than Connecticut / Exempt-interest dividends from non-Connecticut state or municipal obligations
Enter adjustments to tax-exempt interest information in the statement. All tax-exempt interest and expenses attributable to tax-exempt interest transfer to this statement from the federal return. To include tax exempt income on Form CT-1120SI, Parts I, Schedule C and V, enter a code to specify the type of income.
Type Code
Description
Destination
I
Interest
Form CT-1120SI, Part I, Schedule C, line 1, and Part V, line 1
D
Dividends
Form CT-1120SI, Part I, Schedule C, line 2, and Part V, line 2

Subtractions

Expenses for exempt federal income subject to Connecticut tax
Use the statement to code exempt federal expense items that are subject to Connecticut tax. Information in this statement is transferred from the
Expenses attributable to tax-exempt income
statement in the federal Ms screen. To include an amount as a subtraction on Form CT-1120SI, Parts I, Schedule C and V, enter an amount in the
State Amount
column of the statement.
Section 108(i) deferred income deduction
Enter 20 percent of the cancellation of debt income that was reported on the 2009 and 2010 Form CT-1065/CT-1120SI Connecticut Composite Income Tax Return.

Sale or Exchange of Section 179 Property

Gain (loss) reported separately from federal Schedule K, line 17d (Force)
Per the Form 4797 instructions, S Corporations are required to separately report to the shareholders the sale, exchange or other disposition of assets where a Section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on Form 4797, 4684, 6252 or 8824, but instead are separately reported on federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets is calculated from information entered in the federal SalePT and 8824 PT screens in the Income and activities folders, and K1Sale and 8824 screens in the K1 1065, 1041 folder.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount will be included on Form CT-1120SI, Part I, Schedule B, line 10, and Part VI, line 10, and the Schedule CT K-1.
A not-required statement will print detailing this amount. Use this field to override the calculated amount. If
0
 (zero) is entered, no adjustment will be made.

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