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Screen MAK - Massachusetts Shareholders
Show all hidden content
Shareholder's Information
Corporation participated in an installment sale transaction
Enter
1
if the corporation participated in an installment sale transaction. Enter 2
if the corporation did not participate in an installment sale transaction. If you entered 1
or if the field is blank and Federal Form 6252 is calculating, the application marks the Yes box on Schedule SK-1, Page 1.Portfolio deductions
The application allocates these items among the shareholders based on each shareholder’s ownership percentage. If there are items allocable only to a specific shareholder or shareholders, enter the other portfolio deductions in View > Shareholder Information > Massachusetts tab. 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 will not overwrite the new data with subsequent federal-to-state data transfers.
Other separately stated deductions
The application allocates these items among the shareholders based on each shareholder’s ownership percentage. If there are items allocable only to a specific shareholder or shareholders, enter the separately stated deductions in View > Shareholder Information > Massachusetts tab. 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 will not overwrite the new data with subsequent federal-to-state data transfers.
note
- If you enter separately-stated deductions in shareholder information, the application disregards the amounts entered in this field, thePortfolio deductionsfield, and theSection 179 deduction (Force)field.
Credits
Use this statement to enter credits to be passed through to the shareholders. Enter the class codes in the statement to transfer the items to the appropriate lines on the Schedule SK-1.
Basis Information
Tax-exempt income
Use this statement to enter tax-exempt income other than state tax refunds and tax-exempt interest. The application adds the amount entered in this field to the amount entered in
State tax refunds
in Screen MAAdj and the amount of Massachusetts state and municipal interest entered in the State and municipal bond interest
field in Screen MAS. The total is reported as tax-exempt interest and other income on Page 1 of the MA Shareholder’s Basis Worksheet.Nondeductible noncapital expenses
Use this statement to enter nondeductible noncapital expenses other than foreign, state or local income taxes deducted. The application adds the amount entered in this field to the amount of foreign, state, or local income, franchise, excise, or capital stock taxes deducted from U.S. net income entered in Screen MAAdj. The total is reported as nondeductible noncapital expenses on Page 2 of the MA Shareholder’s Basis Worksheet.