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Screen DEAdjS - Delaware Adjustments (1120)

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Subtractions and Additions

US interest expenses
Enter expenses associated with US interest. This amount will be subtracted from US interest entered on federal Screen K.
State obligations interest income
Tax-exempt interest and expenses attributable to tax-exempt interest transfer to this statement from the federal return. The application assumes these amounts are not taxable to Delaware. Enter adjustments to state obligations in the
Outside Delaware
column in the statement.

Sale of Property with Section 179 Expense

Gain/loss reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 instructions, S Corporations are required to separately report to 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 federal Forms 4797, 4684, 6252 or 8824, but instead are separately reported in 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 federal Screens SalePT and 8824PT in the Income and activities folders, and Screens K1Sale and 8824 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 is included on the Form 1100S Schedule A, line 11, Form 200-C, line 1 and Schedule A-1, line 9.
A Not Required statement prints detailing this amount. Use this field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.

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