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Screen MABSC - Massachusetts Balance Sheet (1120)
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Capital Assets in Massachusetts
The application uses the amounts in these boxes to complete Schedule A. There are two boxes for each end-of-year account balance. If asset information is entered in the asset module, the
End of Year Amounts from Asset Module
column displays the amount from the asset module. If there's no information in the asset module, the first box is blank.If an amount appears in the first box and you want the application to use a different amount to complete Schedule A, enter an amount (or zero) in the second box. The application uses the amount in the second box instead of the amount in the first box. If no amount appears in the first box, enter an amount in the second box if needed.
When you use the asset module, the application transfers amounts to the first set of boxes in the
End of Year Amounts from Asset Module
column based on situs and the MA - Sch A association in the asset module. The categories listed in the MA - Sch A association in the asset module match the box descriptions in this input screen.When book treatment is absent use Massachusetts treatment for end of year calculated amounts
The
End of Year Amounts from Asset Module
come from the book treatment. When the book treatment isn't present, the End of Year Amounts from Asset Module
default to the federal treatment. If the book treatment isn't present and this box is marked, the End of Year Amounts from Asset Module
come from the MA treatment.Capital Assets Outside of Massachusetts
The application uses the amounts in these boxes to complete Schedule A. There are two boxes for each end-of-year account balance. If asset information is entered in the asset module, the
End of Year Amounts from Asset Module
column displays the amount from the asset module. If there's no information in the asset module, the first box is blank.If an amount appears in the first box and you want the application to use a different amount to complete Schedule A, enter an amount (or zero) in the second box. The application uses the amount in the second box instead of the amount in the first box. If no amount appears in the first box, enter an amount in the second box if needed.
When you use the asset module, the application transfers amounts to the first set of boxes in the
End of Year Amounts from Asset Module
column as follows.Asset | Source of Amount in First Box |
|---|---|
Buildings and other depreciable assets | The sum of the amounts entered in Cost / Basis of the asset module for all assets with a situs outside Massachusetts and the MA - Sch A association completed, except those coded as Land, Leasehold improvements taxed locally, and Leasehold improvements not taxed locally in the MA - Sch A association. |
Accumulated depreciation | The sum of the amounts entered in the Prior Depreciation and Current Depreciation boxes of the asset module for all assets with a situs outside Massachusetts and the MA - Sch A association completed, except those coded as Land, Leasehold improvements taxed locally, and Leasehold improvements not taxed locally in the MA - Sch A association. |
Land | The sum of the amounts entered in Cost / Basis of the asset module for all assets with a situs outside Massachusetts and the MA - Sch A association Land. |
Leaseholds and leasehold improvements | The sum of the amounts entered in Cost / Basis of the asset module for all assets with a situs outside Massachusetts and a MA - Sch A association of either Leasehold improvements taxed locally or Leasehold improvements not taxed locally. |
Accumulated depreciation | The sum of the amounts entered in the Prior Depreciation and Current Depreciation boxes of the asset module for all assets with a situs outside Massachusetts and the MA - Sch A association of either Leasehold improvements taxed locally or Leasehold improvements not taxed locally. |
Other Assets
Inventories and supplies
The application transfers details from the
Inventories
statement on the federal balance sheet to the statement attached to this box. Use the location and class codes to transfer the statement items to the lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.Investments
The application transfers details from the
Other investments
statement on the federal balance sheet to the statement attached to this box. Use the class codes to designate the type of investment. The application transfers the statement items to the lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.Notes and accounts receivable
The application transfers details from the
Trade notes and accounts receivable
and Loans to shareholders
boxes on the federal balance sheet to the statement. Use the class codes to transfer the statement items to the lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.Less allowance for bad debts
The application transfers details from the
Less allowance for bad debts
statement on the federal balance sheet to the statement attached to this box. Use the class codes to transfer the statement items to the lines on the state return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.Other assets
The application transfers details from the
US government obligations
, Tax-exempt securities
, Other current assets
, Mortgage and real estate loans
, Intangible assets
, Accumulated amortization
, and Other assets
boxes on the federal balance sheet to the statement. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.Intangible assets allocated to Massachusetts
Enter the intangible assets allocated to Massachusetts to be used on Schedule RNW, Reit Net Worth Calculation. If there are no intangible assets allocated to Massachusetts enter
0
(zero).note
To print Schedule RNW, you'll need to enter
4
in Type of corporation
in the MAGen screen as well as the amount of intangible assets allocated to Massachusetts.