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Screen KYLVAdj - Louisville Adjustments (1120)

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Additions and Subtractions

Other adjustments
Amounts in the statement transfer from Schedule M-1 of the federal return. To exclude an item from the Louisville return, delete the amount, enter a zero, or delete the entire line item from the statement. The application displays the modified column as blank and will not overwrite the new data with subsequent federal-to-state data transfers. For more information, (including details on setting a user preference to mark fields for which you overruled the transferred amount), refer to the Statements overview.
Nontaxable income
Amounts in the statement transfer from the
US obligation interest
 field in federal Screens Inc and K1. To exclude an item from the Louisville 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. For more information, (including details on setting a user preference to mark fields for which you overruled the transferred amount), refer to the Statements overview.

Sale or Exchange of Section 179 Property (S Corp)

Gain (loss) reported separately from federal Schedule K, line 17d (Force)
The IRS requires S Corporations to separately report to the shareholder 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 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 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 Form OL-3, Page 2, line 11, if a gain, or line 14 if a loss. A nonsubmittable statement prints, detailing this amount. Use the
Force
 field to override the calculated amount. If
0
 is entered, no adjustment is made.

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