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Screen GAAdj - Georgia Adjustments (1120)

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Additions

State and municipal bond interest
Tax-exempt interest transfers to this statement from the federal return. To include tax exempt interest in the return, enter adjustments in the
State Amount
 column of the statement.
Net income or net profits taxes imposed by states other than Georgia
Amounts from the
Taxes and licenses
 statement in federal Inc and H Screens, as well as from taxes entered in the federal Farm, Rent, and 4835 Screens transfer to this field. To include state and local taxes on Form 600 and 600S, enter adjustments to state and local income taxes in the
State Amount
 column of the statement.
Expenses attributable to tax exempt income
Expenses attributable to tax-exempt interest transfers to this statement from the federal return. To include tax-exempt interest expenses in the return, enter adjustments in the
State Amount
 column of the statement.

Subtractions

Other subtractions
Employment credit wages adjustments transfer to this statement from the federal return.

Sale or Exchange of Section 179 Property (S Corp)

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 in 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 the federal SalePT and 8824PT Screens in the Income and activities folders, and the 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 is included on the GA Composite Shareholder Worksheet in column C, and the GA Shareholder Worksheet.
A not required statement prints, detailing this amount. Use the
Force
 field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.

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